7:59 am, August 6, 2025
Profit for the family-run car dealer group Yeomans soared in 2024 as turnover was boosted by new dealerships.
The South Coast-based dealer group represents brands including Mazda, Audi, VW, Peugeot and Nissan and has rapidly expanded in recent years.
Accounts recently filed at Companies House show turnover in 2024 has risen to £581.7m – up from £528m in 2023.
Profit before tax for the year soared 30% to £7.7m from £5.9m the year before.
The increases were due, say the company, to a full year of trading for its Nissan Plymouth site, a rise in fleet income, as well as new and used car sales rising across the group.
In its annual report, director James Smith, said: ‘The UK new car market saw an increase of 2.6% in new vehicle registrations in 2024 compared with 2023 – the business itself recorded an increase of 16.2% in new vehicle registrations, primarily due to increased fleet registrations.
‘[Our] intention is to strengthen our financial performance by concentrating on customer retention in the vehicle and service departments whilst at the same time closely monitoring both direct and indirect costs.’
A dividend of £2,312,500 was paid for the 2024 financial year to shareholders. The prior year a £4.4m dividend was paid out.
Yeomans added a raft of highly profitable VW Group dealerships at the end of 2022 when it snapped up 12 businesses from Helston Garages.
That deal saw it add one Audi showroom, two Volkswagen passenger cars sites, two Volkswagen Commercial Vehicles, four Skoda, two TPS Parts and a Peugeot approved repair site to its ranks.
The latest accounts show the firm now has net assets worth £41m and employee numbers have risen to 876 at the end of 2024. The wage bill has also risen from £29.9m in 2023 to £32.8m in this latest year.
During 2024, the company said it redeveloped its Toyota Eastbourne site and added Seat Cupra to its franchises in Exeter and an authorised repair site for Skoda in Bridgwater.
The group is now planning to seek further growth either ‘organically or by acquisition’ as well as ‘sustaining sales performance’.
