2:14 pm, July 10, 2023
Dealer group Greenhous made a profit of almost £8m in 2022 despite the firm taking a significant hit compared to its record-breaking 2021.
Accounts published via Companies House show that the Shropshire-based outfit recorded a pre-tax profit of £7.85m in the 12 months to December 31, 2022.
Bosses have described the result as ‘impressive’ but the figure still represents a 65 per cent reduction on 2021’s pre-tax profit of £23.06m.
The slide largely comes as a result of 2021’s unprecedented market conditions and 2022’s profit is still around 27 per cent higher than the £6.15m Greenhous made in 2020.
As well as sliding profits, the group’s turnover also took a significant hit in 2022. The accounts show that the firm brought in £364.05m, compared to £789.2m in 2021 and £812.9m in 2020.
Despite the blow, gross margin rose to 15.24 per cent from 7.09 per cent in the previous accounting period.
The company also grew to an average of 949 employees with wages and salaries totalling £33.58m.
In a statement included in the accounts, chairman Derek Passant, said: ‘Our financial results for the year have been impressive, with a strong bottom line despite continued challenging market conditions and economic headwinds, and are a testament to the hard work and dedication of our employees and the strength of our ever evolving business model.
‘Our strategic objectives for the year was centred around continuing to diversify into other but associated areas of the motor industry, in addition to our growing customer base, while maintaining our focus on operational excellence and financial discipline.
‘We have made significant progress towards these goals and I’m pleased to report that our efforts have paid off with both greater market share and customer satisfaction ratings.’
Looking ahead to next year, Passant said he was ‘confident’ of more success but warned that the changing state of the motor trade could impact the company’s figures.
Among his concerns were agency sales and the resulting shrinking of dealer networks.
He said: ‘Looking forward, we are confident in our ability to continue to deliver strong results and achieve our strategic objectives.
‘We do, however, recognise that risks continue to exist to our business, including the way in which vehicle manufacturers are changing the way they market the product, including significant reductions in the dealer networks as well as the obvious economic challenges.
‘In conclusion, I would like to very much thank our employees, customers, suppliers and founders for their continued support of our business.
‘We believe that our success is the result of collective efforts of all our stakeholders and we remain committed to delivering on our promises.’
