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Just Car Clinics
- BY: Andrew Hore |
- POSTED: 03/03/2009 |
Just Car Clinics reported higher revenues and profits in 2008.
Just operates 23 vehicle repair centres, including new sites in Swindon, Banbury and Hull. Revenues rose 16% to £42.6m in 2008. Like-for-like growth was 4%. This was achieved even though repair volumes shrank in the UK as more cars were written-off due to low second hand values.
Stripping out one-off gains, profits improved 12% to £1.31m. It was difficult to pass on cost increases to insurance companies so margins came under pressure.
Net debt increased from £1.64m to £1.82m. The three new branches were acquired for £354,000.
Daniel Stewart forecasts profits of £1.5m in 2009.
At 48.5p a share, which values Just at £7.08m. The shares are trading on less than seven times 2009 forecast earnings. The forecast yield on a dividend of 1.8p a share is 3.7%.
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