Half Year Results for 30 June 2022

21st Sep 2022

Strong first half performance, underpinned by continued strategic progress.

  • Underlying profit before tax of £33.5m (HY21: £35.1m)
  • Improved gross margin performance underpinned by higher gross profits per unit in both new and used vehicles
  • CarStore.com brand relaunch completed in May 2022
  • Discussions with new energy car manufacturer, BYD, to be UK Launch partner at advanced stage

 

Bill Berman, Chief Executive Officer, said:

“We have made a really encouraging start to the year which is reflected in a strong set of financial results and continued momentum across the business. Good progress has again been made in the delivery of our strategy, including the brand relaunch of our used car business and multiple technology releases by Pinewood. We have transformed our digital capabilities over the past two years and this, combined with significant improvements to our operations, means we are well placed to offer our customers the best possible experience.

“We have delivered these results in the face of challenging trading conditions in our sector due to supply constraints on both new and used vehicles and the impacts of inflationary pressures. We expect the environment to remain challenging in the second half of the year, however we take confidence from how we have performed in the last six months and expect to make further positive progress towards our long-term goals this year.”

 

The full statement and results presentation can be downloaded below.

Downloads

Contacts 

Jefferies International Limited (Financial Adviser & Joint Corporate Broker) (+44 20 7029 8000)

  • Philip Noblet
  • Simon Hardy
  • James Thomlinson
  • Thomas Bective

Berenberg (Joint Corporate Broker) (+44 20 3207 7800)

  • Ben Wright

Headland Consultancy (PR & Communications) (+44 20 3805 4822)

  • Henry Wallers
  • Jack Gault