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Just Car Clinics

  • BY: Andrew Hore |
  • POSTED: 14/09/2009 |

Car crash repairer Just Car Clinics says that reduced road usage and the reluctance of people to incur insurance excess payments has hit its interim figures. 

Weekly repair volumes have been variable. There was a 4% like-for-like decline in revenues in the first half. Gross margins also came under pressure and this fed through to decline in pre-tax margin from 3.1% to 2.6% even though operating expenses were flat. Total revenues edged up 2% to £21.6m in the six months to June 2009.

Net debt has been reduced by £529,000 to £1.3m. That reflects a fall in debtors. The interim dividend is unchanged at 0.53p a share.

Daniel Stewart forecasts a decline in profits from £1.3m to £1.2m in 2009.

the shares were unchanged at 54.5p each, which values Just at £7.96m. Despite the tough trading conditions the shares are one-fifth higher than six months ago.

Management says that the market is set to remain volatile for the rest of 2009. 

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