4:56 pm, November 2, 2021
Used car supermarket Hilton Garage reported a year of strong trading in its latest accounts, with both turnover and profit doubling.
Sales at the used car supermarket in Derby amounted to £106.9m, up from £49.5m in 2019-2020, and pre-tax profit rose to £3.9m from £1.4m.
The accounts for the dealership that has been trading for more than 45 years were published on November 1 for the 12 months ending May 31, 2021.
Hilton Garage describes in the report its aim to ‘maximise the company’s ability to grow profits to fund continued investment to the future’ but also comments how it expects more ‘volatility’ in the market due to ‘customer fuel preferences’.
George Manning, director at Hilton Garage, told Car Dealer: ‘There’s always amortisation from the restructuring of the business a few years ago, this is £800k a year.
‘Turnover more than doubled to £107m from £49m, as did operating profit to £4.9m.
‘This is from our single retail site. I think it might be one of the best years comparable to any other supermarket pound-for-pound.’
Manning added that the business had ’employed a lot more staff and had zero redundancies,’ something it was very proud of.
He said: ‘Our furlough payments for the financial year only amounted to £160,000.
‘We’re extremely proud of this as we’ve more than covered the grant by the increase of corporation tax and VAT payments whilst the majority of other supermarkets have had furlough claims in the millions.’
