10:25 am, December 11, 2023
Turnover at Chapelhouse Motor Group has risen by over 18% thanks to strong sales of new and used cars, though profit and margins are down due to ‘market conditions’.
In newly published accounts, the dealer group – which represents Kia, MG and Suzuki across the north-west of England – said turnover for the year ended June 30, 2023 soared by 18.8% to £112.9m.
However, profit before tax and gross margin were down – the latter from 16.1% to 13.1% due to ‘changing market conditions in the used vehicle sector’, director Nicholas Coen said.
Profit before tax slipped by a chunky 34% from £5.0m to £3.3m, while total profit came to £2.5m – down from the £4.0m achieved the year before.
Return on sales (net profit margin) was 2.9% during the period for the Car Dealer Top 100 firm – ‘above the national average for motor dealers’, Cohen pointed out.
‘The group is in a position to continue to deliver the excellent customer service it strives for, as well as being in a position to capitalise on any market opportunities that would complement and enhance the group’s current offerings,’ Cohen said.
He added: ‘The directors are confident that the group will maintain its strong position within the market.’
The number of employees within the business rose from 217 to 225 during the period, while a dividend was not paid out.
