CAR dealer Ryland Group yesterday announced a rise in profits as it continued to make progress in the luxury car market.
The Birmingham company's interim results showed total pre-tax profits for the six months to the end of June leapt from £1.1m to £6.2m. Figures were boosted by sales of surplus properties and non-core businesses, however operating profits also showed a 22 per cent jump to £4.1m.
Ryland said the results showed the company was right to reject a take-over bid by Guinness Peat Group earlier this month.
Guinness Peat, the activist fund manager, had offered 120p a share, or £35.6m, but Ryland said yesterday's results showed this offer had "undervalued" the company. Earlier this month there was unconfirmed speculation that car dealer Reg Vardy had made a bid to take over Ryland.
Ryland said a decision to focus on luxury and specialist cars had been the right move. Growth outpaced the national rate for specialist new cars sales, the company said.
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