Combined Motor Holdings Limited - CMH today releas
CMH
CMH
Combined Motor Holdings Limited - CMH today released its results for the year
ended 28 February 2006.
Combined Motor Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1965/000270/06)
Share code: CMH ISIN: ZAE000001541
("CMH")
PRESS RELEASE
CMH today released its results for the year ended 28 February 2006.
On revenue of R6,8 billion the Group achieved earnings per share of 786,1 cents,
up 44% on the previous year. A dividend of 210 cents (2005:145) per share has
been declared.
Announcing the results in Durban, CEO Jebb McIntosh said that he was proud of
what had been achieved. "Over the nine years since 1997 the group has recorded
compound earnings growth of 28%".
The feature of the year"s activities was the substantial increase in the size of
the Group following the investment of R244 million on acquisitions. Total
assets increased 53% to R1,8 billion and headcount by 50% to 2770 employees.
The largest slice of the acquisition was the business previously owned by the
Forza Group, including Lyndhurst Auto, the largest BMW/Mini dealer in South
Africa, four Investment Cars dealerships and Waterworld, the marine and leisure
division.
McIntosh reported that the acquisitions were financed using internally-generated
resources. The Group ended the year with cash resources of R134 million.
Discussing the year ahead, McIntosh said that "continued buoyant trading
conditions and the forecast 15% growth in national new vehicle sales bodes well
for another successful year. Management has spent considerable time and effort
in bedding-down the new businesses and the Group will enjoy its first full 12-
month return on its investment. A substantial upgrade of a number of existing
outlets has been completed and a few new developments will be ready for
occupation before midyear".
24 April 2006
Date: 24/04/2006 12:05:39 PM Produced by the JSE SENS Department
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