Car dealer group TrustFord sees profits slide as Blue Oval hit by supply chain woes

  • Pre-tax profit slid by 10.2 per cent in 2022, latest accounts show
  • Dealer group TrustFord is owned by Ford Motor Company
  • Year saw acting CEO Stuart Mustoe officially become boss and new sites open

Time 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.

Ford appoints managing director Lisa Brankin as new UK chair

James Batchelor's avatar

James – or Batch as he’s known – started at Car Dealer in 2010, first as the work experience boy, eventually becoming editor in 2013. He worked for Auto Express as editor-at-large and was the face of Carbuyer’s YouTube reviews. In 2020, he went freelance and now writes for a number of national titles and contributes regularly to Car Dealer. In October 2021 he became Car Dealer's associate editor.

More stories...

GardX Advert
Server 108