European Motor speeds to £10.4m

12 April 2012

EUROPEAN Motor Holdings' pre-tax profits rose 23% to £10.4m in the year to 28 February as low interest rates pushed demand for pricey cars to new highs. The year was the best ever for EMH with like-for-like sales of BMWs, Volkswagens, Jaguars, Land-Rovers, Minis and Volvos up 27% against 22% for similar franchises and more than twice as much as all franchises. Earnings per share rose 25% to 13.1p and dividends are up 7.7% to 7p.

The shares rose 2p to 151 1/2p as chief executive Richard Palmer said EMH will buy back more shares.

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