Caverdale drives back to the black

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The Independent Online
CAVERDALE, the small motor dealer and tools distributor with a glamorous shareholder register that includes Sir James Goldsmith, surged into profit in 1993 after a pounds 1m loss in 1992, writes John Murray.

The group, which counts Damien Aspinall, son of John, and Jamie Packer, son of Kerry, among its directors, made pounds 1.5m before tax on turnover up from pounds 12.9m to pounds 50.5m. The motor retailing division boosted turnover almost 10- fold to pounds 41.2m, with half the increase coming from acquisitions. Operating profit rose to pounds 1.2m, against a loss of pounds 128,000 in 1992, on the back of the recovery in the motor trade, particularly in used cars.

Caverdale now has 11 franchises operating from 13 dealerships. Arild Nerdrum, chairman, said: 'With an increasingly positive market outlook, we are expecting continued strong and profitable growth.'

The tools and components distribution division boosted operating profits from pounds 189,000 to pounds 487,000. The company returns to the dividend list with a payment of 0.15p.

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