8:40 am, July 24, 2021
Bentleys Motor Group turned a pre-tax loss into profit last year despite a downturn in revenue – although it was helped by more than £421,000 in furlough cash.
Its accounts for the year ended December 31, 2020 show it made £23,014 before tax in 2020 versus a deficit of £35,802 in 2019. Turnover in 2020 was £25.1m against 2019’s £26.3m.
The company, which is based in Warrington, has Citroen and Toyota showrooms and offers used cars for sale as well.
In its group strategic report, it said its Toyota operation made a £138,070 profit but the Citroen showroom next door suffered a £174,863 loss.
Meanwhile, the group received £421,670 in furlough grants and £2,440 via the Coronavirus Business Interruption Loan Scheme.
Operating profit was £113,467 – more than double 2019’s figure of £51,784 – while gross profit stood at £2.4m, which was down on the £2.8m of 2019.
Director Stephen Langley, writing on behalf of the board, said that although its businesses had been forced to shut for more than three months last year because of the pandemic, it managed to make a small profit thanks to the government support.
He added that the first quarter of 2021 – when its showrooms were again shut – produced a similar result to 2020, which was being seen as a success.
Langley added: ‘We are in an excellent position to take advantage of a resurgent market with our strong stable management who have performed magnificently during the last very challenging 12 months.’
Vehicle sales and demand for aftersales are likely to be lower because of the pandemic’s impact, though, he wrote.
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