6:23 am, September 16, 2023
Heritage Automotive saw its pre-tax profit jump by nearly a quarter last year to more than £4m.
The new and used car dealer group’s newly published accounts for the year ended December 31, 2022 show it made £4.155m profit before tax versus £3.325m the year before, when it received £510,000 in government grants.
Operating profit for Heritage – which ranks 76th in the current Car Dealer Top 100 of most-profitable dealerships – rose by 23 per cent from £5.121m to £6.324m, while Ebitda was up 20 per cent from £5.893m to £7.048m.
Gross profit margin, meanwhile, increased from 11.1 per cent to 12.4 per cent.
That was all on a turnover that went up from £176.147m in 2021 to £179.286m last year – a rise of 1.8 per cent – despite Heritage selling its JLR business in 2021.
In the accompanying report, signed on behalf of the board by director John Walsh, the Salisbury-headquartered company praised its staff’s commitment, saying they were ‘motivated, highly trained and well-regarded’.
The business performance was deemed ‘acceptable’, with the report adding: ‘The board of directors are satisfied with the performance of the business, which they believe to be reflective of the wider market.’
The directors highlighted the continuing disruption of new vehicle supply during 2022, caused by the semiconductor shortage, leading to used vehicles being hard to come by.
It began representing Ineos Grenadier during the year at two sites – Dorchester and Gloucester – but no sales were made, although deliveries had started in 2023.
Looking ahead, Heritage said: ‘The company continues to trade profitably, is well funded and will continue to capitalise on new business opportunities as they arise.
‘The directors continue to work with manufacturers to ensure the supply of vehicles and parts continues throughout the post-Brexit period, whilst businesses and governments adapt to the new customs requirements.’
Heritage Automotive was founded in 1996 and now has sites in Dorset, Bristol, Gloucester, Somerset and Wiltshire, representing Audi, Cupra, Honda, Seat, Skoda and Volkswagen as well as Ineos.
Pictured at top via Google Street View is Heritage’s Skoda dealership in Bristol
