In its AGM, the company, which last week won the Motor Trader dealer group of the year award, said it had maintained its market share growth and performing in line with market expectations, despite tough trading conditions.

“The Group was successful in achieving its new car manufacturer targets at the end of June without recourse to pre-registration activity and as a result significant volume bonuses were earned,” said chief executive, Robert Forrester. “In the area of used cars, the group has seen consistent volume growth but declines in residual values with the softening in overall used car margins.” Forrester added that the company’s aftersales and fleet departments had also continued to perform well. Despite the robust performance, he said the outlook remained challenging as a variety of factors affected the sector, such as exchange-rate movements, the availability and pricing of consumer finance, and the weaker consumer environment. “The Group continues to have a tight control of working capital and has a strong property-backed balance sheet with low levels of debt,” said Forrester. “This, coupled with our strong management team, provides a solid base for future expansion of the Group as attractive opportunities arise from these challenging markets.”