7:30 am, October 7, 2025
Directors at Eastern Western Motor Group are ‘pleased’ with the car dealer’s performance in 2024, despite a dip in pre-tax profit.
Accounts recently filed via Companies House show that dealer group’s ultimate holding company – Eastern Holdings Limited – made a profit-before-tax of £13.25m in the 12 months to the end of last December.
The figure is more than 40% down on 2023’s £18.92m but bosses insist there are plenty of reasons to be cheerful for the Scottish outfit.
The accounts show that turnover rose significantly from £857.83m to £920.81m, with new vehicle sales growing by 11% throughout the year.
The firm also enjoyed a rise of almost 8% when it came to used car sales, with margins remaining strong across the accounting period.
Reflecting on the year, secretary Nasser Mohammed attributed the reduction in profits to an £8.2m increase in admin expenses and a £1.6m increase in vehicle stocking and property interest payments.
He added: ‘Overall, the directors are pleased with the group’s performance in 2024.
‘The group performed particularly well in new vehicle sales which increased by 11% mainly through corporate, fleet and Motability.
‘The excellent new car performance was mirrored in used vehicle sales which increased by just under 8%.
‘New and used margins continued to remain strong during the period. The board are very focussed on margin control and target ourselves to be well ahead of the manufacturers inter firm comparison averages.
‘We are pleased to report every one of our franchises outperformed this average on used vehicle gross profit.
‘New car availability has increased to pre-pandemic levels, and this introduces a degree of additional risk, particularly in a high interest environment.’
The group ended the accounting period with an impressive portfolio of brand partners consisting of Mercedes, BMW, Mini, Lexus, Toyota, Volkswagen, Mazda, Nissan, Honda, Maxus and Smart.
It also has franchise agreements in place to sell Harley-Davidson and Kawasaki motorcycles.
Last January saw the firm open two new Toyota dealerships and one Lexus site – which accounted for the majority of the increase in turnover but failed to turn a profit.
The group also continued to grow by acquiring two new Honda franchises, in Dundee and Perth, in September.
As a result of the expansion, staff number swelled to an average of 1,624 by the end of the year, compared to 1,561 in 2023, with employee costs coming in at an increased £71.87m.
At the same time, total remuneration of key management personnel totalled £3.12m, a hefty reduction on 2023’s £4.06m.
At the end of the year stakeholders received a dividend of £262 per share – the same amount as in 2023.
