Furrows says despite significant impact of pandemic it will make a profit in 2020

Time 5:01 pm, January 7, 2021

Dealer group Furrows has revealed that it was ‘significantly impacted’ by the pandemic but it will still make a profit in 2020.

Furrows revealed this in its latest set of accounts for the year ending December 2019, where it reported a profit of £935,439 in 2019 although this was down from its £1.1m profit after tax the year before.

The family-run group has locations in Oswestry, Shrewsbury and Telford, representing Ford, Mazda, Kia and Skoda as well as a used car business.

The board said: ‘The group has been significantly impacted by the post year end emergence of the coronavirus pandemic and the associated UK national ‘lockdown’.

It added: ‘The financial performance in June to October 2020 was stronger than forecast and despite the reduction in activities in November as a result of the second lockdown in England the group is expected to report a profit in the year to December 31 2020.’

In total, turnover for the company Furrows Holdings dropped slightly for the group in 2019 compared to 2018 from £111.6m to £110.3m.

Operating profit was also only slightly down at £1.94m compared to £1.98m the previous year, although the final profit figure for the year after tax was £935,439.

Net assets for the group did increase marginally from £15.2m to £15.4m, after a period of continued consolidation the accounts state.

Rebecca Chaplin's avatar

Rebecca has been a motoring and business journalist since 2014, previously writing and presenting for titles such as the Press Association, Auto Express and Car Buyer. She has worked in many roles for Car Dealer Magazine’s publisher Blackball Media including head of editorial.

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