9:18 am, January 9, 2023
Inchcape Retail turned a pre-tax profit of £6.5m in 2021, reversing a heavy loss the year before.
Latest accounts filed with Companies House show the business – which is the car sales division of the wider Inchcape PLC concern – finished 2021 £6.5m in the black.
The results for the year ended December 31, 2021, reveal a dramatic U-turn on the £76.4 pre-tax loss the firm made in 2020.
Once tax was taken into account, Inchape Retail reversed a £65.6m loss to a £3.73m profit.
Turnover rose from £1.08bn to £1.32bn while cost of sales worsened from a loss of £970.6m in 2020 to £1.16bn in 2021.
The accounts also show the business took no furlough cash in 2021 – in 2020, it claimed £11m in government grants.
During 2021, Inchcape Retail purchased Cooper Group Limited, which ran six BMW and Mini showrooms across the UK under the Cooper name, for £6.2m.
Its CEO, James Brearley, also stood down at the end of 2021.
In the accounts, directors said: ‘Looking ahead, the company’s 2022 performance to date has seen a continuation of the trends experienced last year, although there is ongoing uncertainty relating to vehicle supply and the impact of the pandemic.
‘We expect the company to continue to make good progress with its strategic priorities in 2022 and do not force any significant changes in the company or its activities during 2022.’
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