9:24 am, September 12, 2022
Bosses at Howards Motor Group have paid tribute to their ‘dedicated and committed’ staff after the firm announced an improved profit of £5.9m for 2021.
Accounts published via Companies House show that Howard Garages (Weston) Ltd enjoyed a bumper year in 2021 with both turnover and profits rising.
The dealer group, which operates 19 showrooms, benefitted hugely from rising used car prices, which reached unprecedented levels during the period covered in the accounts.
The the 12 months to December 31, 2021, Howards saw turnover rise from £137.1m in 2020 to just over £155m in 2021.
As a result of the increased revenue, the dealer group saw its pre-tax profits leap by 133 per cent to £5.9m compared to 2020’s £2.5m.
Overall, the year saw Howards sell 2,649 new cars, compared to 2,435 in 2020. However, used car sales did fall slightly from 5,789 to 5,416 in 2021.
Another feature of the year was the decreasing impact of Covid-19 as the months rolled on, meaning the Somerset-based outfit was able to reduce its reliance on furlough cash.
The year saw the firm claim £91,514 via the government’s Coronavirus Job Retention Scheme, as opposed to the £1.25m in took in 2020.
In a statement included in the accounts, director Peter Coleman, said that Howards’ results compared favourably to similar-sized dealer groups.
He said: ‘In accordance with Government regulations at the start of 2020, the company was required to keep its showrooms and used car forecourts closed.
‘This shutdown continued until 12 April, 2021. Throughout this period we were able to make car sales through click and collect. Our workshops remained open, but with Covid secure protocols in place.
‘The start of 2021 was very good despite the showrooms and forecourts being physically closed and when they were reopened, our results were exceptional.
‘This was due to a large extent to the prices of used cars rising throughout the year and achieving very good margins when they were sold.
‘In terms of our volume, our new vehicle sales number was up 8.8 per cent compared to the overall UK new car market increase of one per cent in 2021.
‘Overall our trading results still compare favourably with other motor trade dealership groups of our size.
‘Our colleagues are key to the underlying success of the business. We are fortunate to have a dedicated and committed team who have helped to deliver these results and provide the level of service we expect to give customers.’
Howards Motor Group currently represents 10 brands at 19 different sites, including four Peugeot dealerships.
It also operates four Hyundai showrooms, a couple of Honda sites, a pair of Citroen dealerships and two MG locations.
The firm represents Nissan, Toyota, Kia, DS and Suzuki at one site apiece.
