7:13 am, October 18, 2023
Snows Motor Group saw revenue surge £93m last year as the company enjoyed a full 12 months of trading unrestricted by the pandemic.
Profit before tax fell to £6.4m – down from the £7.6m clocked up in 2021, but that included £1.4m worth of Covid support from the government.
Stripping out that extraordinary income booked by the firm as profit in the year before, like-for-like 2022 showed the South Coast-based car dealer business actually increased profits marginally by £200k.
Snows Motor Group turned over £580.2m in 2022, up from £486.3m the previous year.
Car sales accounted for £529.9m and aftersales added £50.3m.
Snows operates 53 franchised dealerships, five approved service centres and a number of used car centres.
Recently it took over Cazoo’s large site at Southampton and turned it into a Snows Used Car Centre stocking more than 200 used cars.
The company represents brands including BMW, Mini, Alfa Romeo, Citroen, Peugeot, Dacia, Fiat, Kia, Toyota and Lexus. It has also recently added franchises for electric car brands Polestar and BYD.
In accounts, just filed at Companies House, Snows said it had not paid out a dividend for the year. It explains it uses retained profits, as well as borrowings, to fund the growth of the business.
As of the end of 2022, the company had £14.8m in its profit and loss account.
- Jobs created as Snows’ ninth Toyota dealership opens
- Winchester Volvo celebrates 40 years representing Swedish brand
- Snows takes top slot for third year in Automotive Reputation Report
- Snows continues expansion with Newbury Kia showroom and used car centre
The company currently employees 982 people and this year will pay a tax bill totalling £1.1m.
Writing in the annual report, chairman and CEO Stephen Snow said: ‘The company continues to demonstrate good monetary management and has a strong focus on cashflow management.
‘There are no plans to alter the existing operation of the company in the future.’
Last year, Snows were the 47th most profitable car dealer group in the UK according to the Car Dealer Top 100. The latest list is due to be published soon.
Pictured (from left to right) at the top of the post at a recent celebration to marl 40 years of representing Volvo in Winchester are Stephen Snow, chairman and CEO, Snows; Mark Cox, distribution and aftersales director, Volvo Car UK; Kristian Elvefors, managing director, Volvo Car UK; Mark Austin, Volvo franchise manager, Snows; Nicole Melillo Shaw, commercial operations director, Volvo Car UK; Alex Domone, chief operating officer, Snows.
