10:47 am, May 30, 2022
Dealer group Richard Sanders Ltd has announced record financial results for 2021 with the firm posting a 35 per cent rise in profits.
The Kettering-based outfit operates five dealerships across Northamptonshire representing Renault, Nissan, Peugeot and Dacia.
Along with many in the motor trade, it endured a number of struggles throughout the pandemic but has still managed to come out the other side enjoying huge success.
Figures published via Companies House show the dealer group made a gross profit of £3.98m in the 12 months ending July 31, 2021.
The company also posted a pre-tax profit of £1.32m – up from £975,000 in 2020.
The huge leap was achieved despite a slight drop in turnover, impacted by national Covid restrictions throughout the financial year.
Overall, Richard Sanders enjoyed a turnover of £36.33m, a slight dip on the £36.57m it brought in throughout 2020.
However, overall the year remained a huge success for the dealer group, which also experienced a four per cent return on sales, a 24 per cent return on capital and £18,800 worth of profit per employee.
There was also a group overhead absorption of 90 per cent.
The accounts showed the firm was supported by government grants to the tune of £442,131 – up from £293,160 in 2020.
That was made up £375,457 in furlough cash and £66,674 in local authority coronavirus support grants.
In a statement included in the accounts, director Jennifer Sanders, said: ‘The directors are pleased to report a pre tax profit of £1,315,474 for the financial year ending July 31, 2021.
‘This represents a 35 per cent increase on the previous year, with turnover only marginally less at £36.3m. This has been achieved in the most challenging year possible, which involved lockdowns in four of the 12 trading months, requiring showrooms to be closed and all sales activity to be conducted online due to the COVID pandemic.
