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Auto retailer Vertu Motors reported a 7.1% fall in first-half profit as challenging trading conditions put pressure on margins.
Pre-tax profit for the six months through August fell to £16.1m, down from £17.3m on-year.
Revenue rose 5.6% to £1.6bn, with like-for-like revenue growth of 2.3%.
Vertu Motors declared an interim dividend of 0.6p per share, up 9.1% on-year.
It said it remained on track to meet its overall expectations for the full year.
'The group performed well in the first half against a more challenging backdrop,' chief executive Robert Forrester said.
'The board is pleased to see continued growth in high margin aftersales revenues and the continued growth in used car volumes.'
'Cost and excellent working capital control has again been exhibited.'