The car dealership said it incurred substantial losses in April and May, during lockdown closures, and it expects ongoing trading to take time to revert to previous levels.
The firm had undrawn facilities of £10mln in March and has extended new vehicle funding and reduced funding costs with its manufacturer partners.
In the year to March 31, revenue shed 5% to £197mln, while profit before tax was £103,000 against last year’s loss of £428,000, when the results were affected by items such as a £900,000 charge for equalising the Guaranteed Minimum Pensions for the male and female members of the pension scheme.
Shares slipped 7% to 242p early on Friday.
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