11:08 am, August 11, 2022
Dealer group Greenhous saw its profits balloon by 275 per cent in 2021 with new accounts revealing the firm made more than £23m.
The Shropshire-based firm faced a number of challenges throughout the year but was able to achieve the record-breaking results anyway.
With national lockdowns dogging the opening months of the year, the dealer group actually saw its turnover decrease by around three per cent to £789.2m compared to £812.9m in 2020.
However, thanks in most part to a strong van market, the Car Dealer Top 100 firm’s pre-tax profit shot up to an impressive £23.06m.
That figure represents a rise of 275.07 per cent compared to the £6.15m profit Greenhous recorded in 2020.
The group’s gross margin also rose in the 12 months ending December 31, 2021, from 5.96 per cent to 7.09 per cent.
As the year rolled on, and the pandemic began to have less of an impact on business, the firm was also able to cut back on money claimed via the government’s Coronavirus Job Retention Scheme.
In 2020, Greenhous claimed £5.16m in grants. However, that reduced to just £371,000 in 2021.
The reporting period also saw the outfit complete a number of purchases, including Wessex DAF, Heatons Truck Group and North West Truck Services.
In a statement included in the accounts, company secretary, Michael Pawson, said: ‘The van market was significantly stronger than in 2020 and was more like we expected, up some 20 per cent, taking us back to pre Covid levels with 355,000 sales nationally, with the increased demand being driven by the construction and home delivery industries.
‘After investing significantly in truck operations in the last three years, it was great to see the truck market stage something of a recovery being 13 per cent up year-on-year with the brand that we represent achieving more than double that of their nearest rivals.
‘The addition of Wessex DAF to our group helped us increase our sales from 1,224 to 1,765 and with the more recent addition of North West Trucks, we are in a strong position to continue the growth.
Like cars and vans, we ended the year with product shortages for trucks, with parts supply being a particular problem. This may be the only thing that holds us back in 2022.
‘Despite the continued difficulties, I am pleased to report that we exceeded our 2021 sales volumes for car and van combined by ten per cent and truck by 40 per cent.
‘These volumes supported by improved margins and a strong after sales performance has resulted in a very satisfactory result for the group.
‘We foresee that product availability will continue to be a problem, but we believe we have plans in place which will keep us on track.’
