7:45 am, October 24, 2022
Supercar dealer Romans International saw its overall profit rise significantly last year as turnover soared by 27 per cent.
The family-run Banstead-based business said in its newly published accounts for the year ended December 31, 2021 that its profit before tax rose from £820,409 the year before to £2.32m.
Meanwhile, turnover rose from £93.31m to £118.77m and operating profit increased by over 223 per cent from £821,099 to £2.65m.
After other factors were taken into consideration, overall profit went up by nearly 200 per cent from £631,561 to £1.88m.
Its gross profit margin, meanwhile, which it said was a key performance indicator, rose by 73 per cent to £5.7m.
The two directors – father and son Paul and Tom Jaconelli – said they considered that to be ‘remarkable due to the unprecedented impact of Covid-19 and business restrictions placed by the government last year’.
But whereas in 2020 it notched up £546,875 in overseas sales, there were none last year.
It received £32,010 in government grants last year – down from the £93,390 it received in 2020.
Remuneration for the two directors more than quadrupled from £27,417 in 2020 to £134,223 last year.
Ordinary dividends weren’t given in 2020 but for 2021 they amounted to £120,000.
Founder, owner and chairman Paul Jaconelli said in an accompanying report that the company expected Covid to have an impact on its profit and cashflow but Romans International was ‘able to ride the situation due to the strength of its balance sheet and its contacts’.
He added that by the end of 2021 the business ‘was well placed to take advantage of improving market conditions’.
Looking ahead, Jaconelli said the company was seeking to expand so it could cater for more stock.
Car Dealer reveals the most profitable dealers in its Top 100 list every year. Find out who last year’s winners were here.
