10:09 am, February 25, 2020
STONEACRE Motor Group made profits of £17m before tax in its 2018-19 financial year, the company has reported.
The figure represents a 25 per cent increase of £3.4m on the figure for 2017-18, which was £13.6m.
Meanwhile, turnover increased from £786m to £982m – a rise of £196m, and again, 25 per cent.
Stoneacre, one of the fastest-growing franchise dealership groups in the UK, operates from 52 locations across England and Wales and has 100 franchise sales points representing 24 manufacturers, including Ford, Fiat, Nissan and Kia.
During the year covered by its latest figures, the following developments took place:
A Volvo franchise was added to an existing Stoneacre site in Sheffield;
Stoneacre acquired Mill Garages North East in September 2018, adding Volvo franchises in Newcastle, Sunderland, Stockton and Harrogate;
Renault and Dacia franchises were added to an existing site in Blackburn;
And MG franchises were added to existing sites in Hyde, Rochdale, Derby and Doncaster.
In a report posted on the Companies House website, the company said: ‘During the year, the Group continued to work with its manufacturer partners to improve its customer retail experience and achieve sales volume expectations.
‘As a result of this focus, the group has achieved like-for-like unit increases in new vehicle sales of 9.8 per cent, used vehicle sales of 14.5 per cent and fleet/commercial sales of 24 per cent.’
The company also reported that its online footprint continues to be developed through Stoneacre Digital while its aftersales operations form a vital role in the generation of profit and the retention of customers.
The company said: ‘Despite the continuing uncertainty and challenging economic environment, the Group continues to perform at satisfactory levels. Further opportunities with both existing and new manufacturer partners are currently being considered in line with the board’s strategy to maintain a strong and diversified portfolio.’
MORE: MG expands with Stoneacre and reaches landmark of 100 dealerships
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