7:30 am, September 16, 2025
Bosses at Gravells are expecting the firm to be in an ‘improved position’ by the end of this year after the Welsh outfit announced reduced profits for 2024.
Accounts recently filed via Companies House show that the dealer group made a pre-tax profit of £3.1m in the 12 months to the end of last December.
That figure represents a decline of almost 40% when compared to the previous year’s result, when the retailer pocketed £5.15m before tax.
The accounts have been submitted under the name ‘JTG Holdings Limited’ which is the ultimate holding company of the dealer group.
The firm was the highest riser on the last year’s Car Dealer Top 100 list, jumping 46 places to 55th position.
And while profits may have fallen in the latest set of accounts, turnover did improve significantly – rising from £130.64m to £147.95m.
Throughout the year, used vehicle turnover totalled £58.86m (up 8.5%), while new car turnover came in at £74.5m (up 20.68%).
Looking back on the year, boss Jonathan Gravell said that the group’s performance was heavily influenced by wider economic pressures but backed the firm to bounce back next time out.
He said: ‘The group’s performance is heavily influenced by the fortunes of its subsidiary’s franchises it represents.
‘Given the longstanding and successful relationship the subsidiary enjoys with each of its core franchises it is considered that such risks have to a large extent been mitigated.
‘The UK new car market experienced fluctuating used car prices during 2024 especially in respect of EV vehicles, which affected their used car sales margins.
‘This fluctuation is expected to stabilise in 2025. The performance of the UK economy and relatively high interest rates continue to put pressure on the consumer and businesses looking to replace their vehicle fleets.
‘Economic forecasts indicate an improved position for 2025.’
In the period covered by the accounts, the retailer grew its average workforce from 151 to 159, but staff costs fell slightly to £4.87m. Meanwhile, directors’ remunerations rose from £62,517 to £70,517.
The firm currently represents Kia, Renault and Dacia at sites across Wales and Herefordshire. It also holds the distinction of being Renault’s oldest UK dealer partner, having represented the French brand since 1954.
