2:18 pm, August 15, 2023
TrustFord saw profits slide by over 10 per cent last year, as Ford took a hit on supply constraints, the cost of living crisis and the ongoing war in Ukraine.
Latest accounts – filed under Ford Retail Limited – for the Ford-owned dealer group show pre-tax profit dropped by 10.2 per cent to £26.4m in 2022.
Turnover for the Car Dealer Top 100 firm dropped by nearly five per cent from £1.81bn to £1.72bn.
Wider social-economic factors, and primarily supply chain difficulties, were to blame for the drop in revenue and profit, said TrustFord CEO Stuart Mustoe.
In the accounts, Mustoe said: ‘Ford Motor Company maintained its UK market total vehicle lead in 2022 and its 57th consecutive year of commercial vehicle sales leadership.
‘However, reduced sales of various passenger vehicles due to the semiconductor supply constraints and other social-economic factors (energy crisis, cost-of-living, war in Ukraine) meant that Ford Motor Company for the second year running did not lead passenger vehicle sales in the UK.’
Mustoe officially became CEO in March 2023, having previously been acting CEO since former boss Stuart Foulds retired in February 2022.
The year also saw TrustFord vow to pay staff the Real Living Wage, open refurbished sites in Barnsley and Wimbledon, and win a Green Apple Award for its work in reducing the impact of the business on the community and environment.
The company has continued this momentum into 2023 with opening a refurbished showroom in Carlisle (pictured top), and beginning work on a new showroom in Glasgow.
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