The AM100 car dealer group Caffyns has posted a £4.5 million swing into losses despite being able to increase its sales of new and used cars in 2023.
Its report to the London Stock Exchange revealed pre-tax losses of £1.5 million compared to the £3.1m profit it earned in 2022, when profits were already in decline, while revenues had risen 4% to £262 million off the back of a 5% rise in new car sales volume and a 2% uplift in used car volumes.
The underlying 2023 losses at Caffyns, which operates dealerships for brands including Audi, Lotus, MG, Seat/Cupra, Skoda, Volkswagen and Volvo, amounted to £0.6 million versus £3.1m the previous year.
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An award-winning journalist and editor, with two decades of experience covering the motor retail industry, and accredited by the Institute of Leadership and Management (ILM) plus the National Council for the Training of Journalist (NCTJ)
As editor of AM since 2016, Tim is responsible for its media content, planning and production across AM's multiple channels, including the website, digital reports, webinars, social media and the editorial content of AM's events, Automotive Management Live and the AM Awards. His focus is on interviewing senior leaders of franchised dealer groups and motor manufacturer national sales companies to examine latest developments in UK motor retail.
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