Interim Results - Half Year to 30 September 1999

Caffyns PLC
24 November 1999



CAFFYNS PLC                                
                                           
GROUP PROFIT AND LOSS ACCOUNT                          

                                          
For the half year to 30 September 1999                          
                                           
                   Half year   Half year   Year to 31
                   to 30       to 30
                   September   September   March 1999
                   1999        1998
                   £000's      £000's      £000's
                                           
Turnover           76,392      80,071      151,610
                                           
Cost of sales      65,887      69,611      131,013
Gross profit       10,505      10,460      20,597
                                           
Other operating    9,033       9,034       17,720
charges
Operating profit   1,472       1,426       2,877
                                           
Exceptional items                          
net receipt
Arising in respect                         
of branch
Closures           -           -           3
                                           
Interest payable   395         567         1,022
Profit before tax  1,077       859         1,858
                                           
Tax                156         160         215
Profit after tax   921         699         1,643
                                           
Dividends          234         228         574
Transfer to        687         471         1,069
reserves
                                           
Earnings per share                         
Basic              26.2p       19.7p       46.7p
Diluted            25.9p       19.4p       46.2p
                                           

There were no recognised gains or losses other than the profit for the period.


Turnover in the half year to 30 September 1999 was £76.39m against 80.07m.
This reduction was mainly due to the interruption to sales at three
dealerships caused by re-developments.  These improvements have now been
successfully completed.  The change of registration plate from August to March
and September resulted in the large August market being split between March and
September, despite this the profit before tax for the 6 months to
30 September rose to £1,077,000 form £859,000 an increase of 25%.

European new car prices continue to dominate the media and affect our current
level of vehicle sales. I expect to see a return to normal levels of activity
in the period after the publication of the Competition Commission's report on
the Motor Industry.

Your directors have agreed to pay an unchanged interim dividend of 5.5p per
ordinary share amounting to £182,631 (£182,631).  This will be paid on the 7
January 2000 to Shareholders on the Register at 5.00pm on 17 December 1999.


                                                        A M Caffyn
                                                        Chairman  
CAFFYNS PLC                                
                                           
GROUP BALANCE SHEET AT 30 SEPTEMBER 1999                              

                                          
                   30          30          31 March
                   September   September
                   1999        1998        1999
                   £000's      £000's      £000's
                                           
Fixed assets                               
Tangible assets    24,184      25,756      23,588
                                           
Current assets                             
Stock              22,039      23,341      22,541
Debtors            8,794       6,418       8,432
                   30,833      29,759      30,973
                                           
Creditors: amount                          
falling
Due within                             
one year
Short term         3,959       4,166       6,204
borrowings
Obligations under                          
finance
Leases             112         101         107
Other              19,603      17,566      17,389
                   23,674      21,833      23,700
                                           
Net current assets 7,159       7,926       7,273
                                           
Total assets less                          
current
Liabilities        31,343      33,682      30,861
                                           
Creditors: amount                          
falling due
After more than                            
one year
Long term          3,000       5,546       3,000
borrowings
Obligations under                          
finance
Leases             362         475         421
Other              4,177       5,142       4,323
                   7,539       11,163      7,744
                                           
Provision for                              
liabilities and
Charges            150         150         150
Total assets       23,654      22,369      22,967
                                           
Capital and                                
reserves
Called up share    2,897       2,897       2,897
capital
Share premium      53          53          53
account
Revaluation        5,558       6,556       5,582
reserve
Profit and loss    15,146      12,863      14,435
account
Shareholder's      23,654      22,369      22,967
funds
                                           
                                           
                                           
CAFFYNS PLC                                
                                           
RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS                         
                                           
                   Half year   Half year   Year to
                   to          to          31 
                   30          30          March 
                   September   September
                   1999        1998        1999
                   £000's      £000's      £000's
                                           
Profit for the     921         699         1,643
period
Dividends          (234)       (228)       (574)
                   687         471         1,069
                                           
Issue of shares    -           4           4
Opening                                    
shareholders'
Funds              22,967      21,894      21,894
Closing                                    
shareholders'
Funds              23,654      22,369      22,967
                                           
                                           
GROUP CASH FLOW                            
STATEMENT
                                           
For the half year                          
to 30 September 1999
                                           
                   Half year   Half year   Year to 31
                   to 30       to 30
                   September   September   March 1999
                   1999        1998
                   £000's      £000's      £000's
                                           
Cash inflow from                           
operating
activities                                 
Operating profit   1,472       1,426       2,877
Adjustment for                             
exceptional
Item               -           -           3
Depreciation       433         350         692
Impairment of                              
tangible fixed
Asset              -           -           220
Loss/(profit) on                           
sale of fixed
Assets             6           64          (465)
Decrease in stocks 502         435         1,235
Increase in        (362)       (1,150)     (3,164)
debtors
Increase/(decrease)                     
 in
Creditors          2,080       287         (628)
                   4,131       1,412       770
                                           
Returns on                                 
investments and
servicing of                               
finance
Interest paid      (395)       (567)       (1,022)
Preference         (47)        (45)        (91)
dividends paid
                   (442)       (612)       (1,113)
                                           
Taxation paid      (56)        (59)        (312)
                                           
Capital                                    
expenditure and
financial                                  
investment
Purchase of                                
tangible fixed
Assets             (1,035)     (1,258)     (2,356)
Sale of tangible   -           534         3,767
fixed assets
                   (1,035)     (724)       1,411
                                           
Equity dividends   (299)       (282)       (465)
paid
                                           
Cash                                       
inflow/(outflow)
before
financing          2,299       (265)       291
Financing                                  
Issue of shares    -           4           4
Capital element of                         
finance
Leases             (54)        (48)        (96)
Repayment of                               
amounts
Borrowed           -           (339)       (2,317)
                   (54)        (383)       (2,409)
Increase/(decrease)                         
   in cash
In the period      2,245       (648)       (2,118)
                                           
                                           
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT                       
 
                    
                                          
Increase/(decrease)
in cash
In the period      2,245       (648)       (2,118)
Cash outflow from                          
decrease
In debt            -           339         2,317
Cash outflow from                          
capital
Repayments of                              
finance
Leases             54          48          96
Movement in net                            
debt in
Period             2,299       (261)       295
                                           
Net debt at                                
beginning of
Period             (9,732)     (10,027)    (10,027)
Net debt at end of (7,433)     (10,288)    (9,732)
period
                                           


NOTES TO THE INTERIM REPORT

For the half year to 30 September 1999

1    Basis of preparation

The interim financial information has been prepared in accordance with
applicable accounting standards and under the historical cost convention
except that certain freehold properties are shown at their revalued amounts.

The principal accounting policies of the group have remained unchanged from
those set out in the group's 1999 annual report and financial statements.
Following the adoption by the group of Financial Reporting Standard No 15 on
Tangible Fixed Assets, the group has commenced depreciating its Freehold
Buildings with effect from 1 April 1999 at a rate of 2% per annum.  The charge
included in the interim financial statements is £85,000.

The results for the half years ended 30 September 1998 and 1999 are unaudited
and do not constitute statutory accounts.  The financial information for the
year ended 31 March 1999 has been abridged from the statutory accounts which
have been filed with the Registrar of Companies and on which the auditors have
given an unqualified audit opinion.

The Interim financial statements have been reviewed by the company's auditors.

3    Earnings per share

Basic earnings per share has been calculated on the profit after taxation and
preference dividends on the 3,320,559 average number of shares in issue.  The
diluted earnings per share is based on the same profit as the basic earnings
per share and 3,362,243 diluted average number of shares.

4    Approval

This interim statement was approved by the directors on 24 November 1999.