8:39 am, December 6, 2024
Used car supermarket Hilton Garage has reported a near-50% drop in its annual profits – the third year of decline in a row.
Accounts recently filed with Companies House show that the Derbyshire-based outfit made a pre-tax profit of £1.27m in the 12 months to May 31, 2024.
The figure represents a drop of of 47% compared to 2023’s £2.39m. The firm previously made pre-tax profits of £2.68m in 2022 and £3.88 in 2021.
Turnover also dropped from £124.42m to £121.97m as the family-run outfit joined the rest of the industry in battling tough market conditions.
Overall, the firm brought in £119.81m from the sale of goods – namely used cars – with commissions raising a further £2.16m.
Directors say that despite the drop off, Hilton is continuing to invest in the business and its staff.
In 2024, average workforce numbers fell slightly from 114 to 110, but overall staff costs rose from £4.07m to £4.32m. Directors remunerations also increased from £115,313 to £119,356.
In a statement included in the accounts, director David Manning said that bosses are ‘pleased’ with ‘another year of strong trading performance’ in the face of ‘market volatility’.
He added that the board is expecting revenues to increase in 2025, as a result of continued expansions.
‘The directors are pleased to report another year of strong trading performance in what is a highly competitive market,’ he wrote.
‘Our aim is to maximise the company’s ability to grow profits to fund continued investment for the future of the business and job security for the employees.
‘Trading conditions [in 2025] are expected to be as competitive as 2024 and volatility within the marketplace is expected given the uncertainty surrounding customer fuel preferences and future potential legislative changes.
‘However, the company does anticipate continued expansion and increased revenues.’
