7:05 am, October 16, 2022
Dealer group Gravell’s saw its profits rise to almost £5m in 2021, new accounts have shown.
Documents published via Companies House show that the Swansea-based outfit enjoyed a strong financial year in the 12 months to December 31, 2021.
The firm saw its turnover rise by almost £20m to reach an impressive £96.3m compared to £76.5m in the previous accounting period.
Of that extra income, £85.8m came from vehicle sales with parts and service sales making up £6.6m. A further £3.9m came from other sales.
The additional revenue also allowed profits to rise, with Gravell’s making £4.9m before tax in 2021. The figure represents a 51 per cent rise 2020’s pre-tax profit of 2.37m.
Overall, the group, which represents Kia, Seat, Dacia and Renault, ended the year with £6.38m in tangible assets compared to £4.11m in 2020.
In a statement included in the accounts, bosses said they were pleased with the results, especially taking into account the impact of Brexit and Covid-19.
Director, Jonathan Gravell said: ‘The company has maintained positive growth during the last 12 months considering the Covid and Brexit impact through its ability to offer innovative and value added products and services to its new and existing customer base while maintaining a high standard of service.
‘The company continues to invest in its underlying systems and constantly seeks to identify opportunities for growth.
‘The company’s performance is heavily influenced by the fortunes of the franchises it represents.
‘Given the long standing and successful relationship the company enjoys with each of its core franchises, it is considered that such risks have to a large extent been mitigated.’
