9:13 am, May 13, 2025
Suffolk-based dealer group John Grose saw both turnover and pre-tax profit slide in 2024, newly published accounts show.
For the year ended December 31, 2024, accounts via Companies House show that turnover for Car Dealer Top 100-ranked firm dipped by 4% to £191m and pre-tax profit dropped by 34% to £4.2m.
The figures marked a change from 2023’s accounts, which saw a 24% fall in profit before tax despite a 6% rise in turnover, after a record year in 2022.
Operating profit, meanwhile, slumped from £6.22m in 2023 to £4.06m, and return on sales stood at 2.2%.
The accompanying report, signed on behalf of the board by chairman and MD Ian Twinley, noted that despite the ‘political turbulence’ last year, there has been ‘steady growth in new vehicle demand’.
Twinley added that while the review into the ZEV Mandate was ‘welcomed’ by the industry, he said that ‘current demand [of EVs] is unlikely to deliver the ambition without government support’.
During the year, the business repurchased shares held by David Grose and Jane Dixey, plus won the Ford President’s award from Ford Motor Company for outstanding customer service.
A dividend of £2.40p for the year ended December 31, 2023, was recommended, with an interim payment of £0.30p per share made in July 2024. No further dividend was recommended for the rest of the year.
In the report, Twinley remarked staff turnover was below its threshold goal of 15% versus the motor industry average of around 30%, and that customer satisfaction results across all departments were ‘outstanding’. He said: ‘I am hugely proud of the “desire to serve” culture that has been created in our business over time.’
The report also referenced John Grose Group loaning several vehicles to transport aid from Suffolk to a London collection centre supporting the Ukrainian war, plus handing over two electric vans for 12 months to two Ipswich-based charities.
John Grose Group has dealerships across Suffolk and south Norfolk, holding franchises with Ford, Kia, Peugeot, Citroen, Omoda and Jaecoo.
Pictured via Google Street View is John Grose’s Ford and Kia showrooms in Lowestoft
