11:31 am, June 17, 2024
New and used car dealership chain Day’s Motor Group saw its turnover rise but pre-tax profit fall last year.
In its newly published accounts for the year ended December 31, 2023, the Car Dealer Top 100 outfit reported an 11% increase in turnover from £257.774m to £285.195m.
However, its profit before tax sank from £33.29m to £30.734m – an 8% drop.
Group chairman Graham Day said the private, family-run company had had to tackle challenges including the cost-of-living crisis, war in Europe and environmental worries as well as ‘a complex macroeconomic environment’.
Day’s, which celebrates its centenary in two years, is the largest Welsh-based dealer group.
The company comprises three main businesses – Day’s Motor Group, Day’s Rental and Day’s Fleet – boasting some 600 staff and trading from 19 premises, according to the accompanying group strategic report signed on behalf of the board by Day.
The Swansea-headquartered firm currently represents Ford, Fiat, Peugeot, Iveco and Ineos at five locations in south and west Wales, as well as acting as a vehicle hirer and financier.
The average number of employees rose by eight during the year to 578.
Directors’ remuneration went up from £956,000 to £1.128m, with the highest-paid director receiving emoluments of £377,000 – up by £8,000 on 2022’s £369,000.
Meanwhile, the total distribution of dividends for the year stood at £3m versus £2.925m in 2022.
Group financial director Grant Matthews told Car Dealer that dividends paid to all shareholders in 2023 represented a 2.2% return on their investment, while all other dividends were internal between group companies that are used to manage liquidity across the group.
In a separate statement, Day said: ‘On behalf of our directors, we extend our gratitude to our dedicated staff for their commitment throughout 2023, contributing to another prosperous year for the group.
‘Despite facing ongoing challenges such as the cost-of-living crisis, conflict in Europe, environmental concerns and a complex macroeconomic environment, our business has successfully adapted.
‘The hard work and dedication of our colleagues, combined with management’s effective long-term strategies, especially in our Day’s Rental and Day’s Fleet companies—which now boast over 18,000 vehicles—have allowed us to deliver robust results.
‘We extend our thanks to all our loyal customers, manufacturing partners, finance collaborators and devoted staff for their continued support.’
Main image via Google Street View shows the Day’s Ford and Peugeot site in Swansea
