7 May 2014 – final results
The acquisitive motor retailer has reported results for the year to 28 February 2014. Revenue was £1.69bn versus £1.26bn a year earlier and like-for-like revenues were up over 13%. Adjusted profit before tax was £17.5m (2013: £8.1m) and adjusted earnings per share were 4.69p (2013: 3.15p). Although the dividend is only relatively modest it was nudged up to 0.8p per share from 0.7p last year. Perhaps more interestingly, net cash at the period end was £34.1m following a £50m placing last June and the new year has started well. The shares are not cheap but this is a quality business and we retain our BUY rating.