Caffyns PLC (LON:CFYN) said first-half profits soared due to an unleashing of pent-up demand for cars once the first coronavirus lockdown ended.

The car dealer reported profits of GBP1.4mln in the half-year to end September 2020 against GBP56,000 a year earlier.

Revenues dropped 14% to GBP85.3mln but even here there was a strong rebound once its showrooms were allowed to open again from June.

Caffyn said, since June, new and used car deliveries had risen by 41% and 17% respectively though changes to emissions rules had adversely affected the numbers a year ago.

The new lockdown in England introduced on November 5 has created new challenges, it added, especially with the uncertainty surrounding Brexit.

During this period, Caffyns said it had been allowed to keep aftersales workshops fully open but had to close its showrooms again.

Digital sales are being offered but some staff have been furloughed and given that and the overall backdrop no interim dividend is being recommended.

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