VEHICLE dealer Phoenix Car Company has posted a lower year-on-year loss for the 12 months ending January 31, describing the period as "a solid year in terms of progress for the group".
In a Companies House filing, the Paisley-based business posted a pre-tax loss on ordinary activities of £208,750, down from a loss of £833,664 in the prior year.
No dividends will be distributed for the 12-month period.
It said that in the year to January, it completed its planned restructuring "by disposing of our loss-making Edinburgh dealerships".
During the year, Phoenix Car Company sold a Hyundai site in the Scottish capital to Vertu Motors.
It also said it achieved an operating profit from continuing operations of £53,015 in the period, as opposed to a loss of £168,437 in the previous year.
That came as growth in aftersales profit continued, with new car sales accelerating by 11 per cent. Turnover for continuing operations grew by 6.5 per cent to reach £134.4m.
During the year the firm appointed Russell Smith as managing director, and it relaunched its website, which consequently attracted 30 per cent more traffic.
Staff costs amounted to £9.7m in the year, up from £9.3m, and the average monthly number of staff reached 357, down by 21 from the prior 12 months.
The company also said: "In the course of the year the group cleared its indebtedness to the Bank of Scotland, leaving us in a strong position to move forward."
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