• Car Dealer Plus
No Result
View All Result
  • Latest
  • Used Cars
  • Live
  • Forum
  • Power 2020
  • Used Car Awards
  • CDX
  • Knowledge
  • Suppliers Guide
  • About Us
  • Latest Issue
  • Top 100
  • CD Plus
  • Latest
  • Used Cars
  • Live
  • Forum
  • Power 2020
  • Used Car Awards
  • CDX
  • Knowledge
  • Suppliers Guide
  • About Us
  • Latest Issue
  • Top 100
  • CD Plus
No Result
View All Result

Jardine profits drop for 2019 as company blames fall in new car market

James Baggott by James Baggott
November 2, 2020
0
Home News

Jardine Motors Group profit dropped to £8.3m for 2019 – down from £12.5m the year before – its latest accounts reveal.

In a filing to Companies House, the dealer group reports it achieved new car sales of 36,311 and clocked up 32,665 used sales – both marginally up on 2018.

However, directors said the drop in profit ‘reflected the downturn in the UK new car market’.

Revealing how the group has coped with the Covid-19 crisis, the report said 85 per cent of its staff were at one point placed on the government furlough scheme.

And the report reveals the group now convenes a weekly coronavirus committee – chaired by the CEO Neil Williamson – which looks at safety measures and further action plans.

Despite the downturn, the group is confident that the impact of the coronavirus crisis will not impact the company’s cashflow to a point where it cannot continue trading, but directors are continuing to closely monitor costs.

‘Current results and forecasts indicate a significant and material impact on the results for 2020 due to the loss of sales during lockdown and an expected reduction in new car sales demand for the remainder of the year,’ reports company director David Muir.

‘It’s too early to assess the longer-term implications of the 2020 trading with respect to the potential impact on the carrying values of the group’s tangible and intangible assets.’

The report explains that in July, as reported by Car Dealer, 522 redundancies were made as the group restructured. Those job losses were expected to cost up to £4m.

The report also reveals that the group is on the hunt for new acquisitions.

‘The group’s operational focus is to continue to grow with its selected franchise partners whether organically or through acquisition where real value opportunities arise,’ said the report.

Car Dealer recently reported that it was believed the group was in the running to buy a number of BMW dealerships from Inchcape. Neither company commented on the reports.

Reflecting on changes to the group, Jardine said the sale of its Volkswagen dealer in Aylesbury to Marshall Motor Group raised £2.9m. Two Honda dealerships were also sold to Marshall for £900,000.

The report added: ‘As part of an on-going assessment and review of existing franchise representation the decision was taken to exit from Volkswagen and Honda.

‘The group had been under-performing for a number of years in both brands with minimal returns from substantial investments.’

Jardine also exited its Lamborghini franchise in Sevenoaks and has replaced it with a used Ferrari dealership.

The report was made to Companies House in September.

  • NEW! Car Dealer Mag issue 152 is out now – Read it here
  • Have you nominated yourself for a Used Car Award? – Do it here
  • Join our breaking news WhatsApp group – Click here to join now
  • Which is the best car manufacturer to represent? – Find out here
Previous Post

The new Job Support Scheme begins on November 1 – here’s everything car dealers need to know as furlough ends

Next Post

Autonomous cars start lapping Oxford in major new trial of future technology

Related Posts

Manchester used car dealership Motor Finance Store has ‘gone into administration’ as website taken down
News

Manchester used car dealership Motor Finance Store has ‘gone into administration’ as website taken down

January 18, 2021
Nissan becomes UK’s most popular electric car and commercial vehicle brand
News

Nissan becomes UK’s most popular electric car and commercial vehicle brand

January 18, 2021
Pendragon reports like-for-like profit growth for 2016 Q1
News

Former Pendragon CEO Trevor Finn joins Hedin Group as firm buys Ford of Sweden and becomes a ‘superdealer’

January 18, 2021
Oct 26 round-up: Circuit breaker ‘limits damage’; Nottinghamshire restrictions; MOT testers needed
News

Second MOT extension should not be ruled out as some garages fear work causes ‘unnecessary interaction’

January 18, 2021
TLA expands publishing portfolio as it buys VanGuide website
News

TLA expands publishing portfolio as it buys VanGuide website

January 18, 2021
News

Used car dealer warns of need to be vigilant after ‘professional thief’ stole £7k Mercedes

January 18, 2021

Want to receive the latest news?

Sign up to the Car Dealer daily news briefing for the latest news and advice during these unprecedented times.

Subscribe Now
Car Dealer Top 100 – The list in full of the most profitable car dealers in the UK
Car Dealer Top 100

Car Dealer Top 100 – The list in full of the most profitable car dealers in the UK

December 21, 2020
Used Car Awards Shortlist: Find out who made it through mystery shopping and are now in running for our gongs
News

Used Car Awards Shortlist: Find out who made it through mystery shopping and are now in running for our gongs

January 6, 2021
Car Dealer Live: Data shows there are buyers out there and they want new cars via click and collect, say What Car? team
Car Dealer Live

Car Dealer Live: Data shows there are buyers out there and they want new cars via click and collect, say What Car? team

January 15, 2021
Car Dealer Live: Top tips for car dealers to keep business and spirits high during national lockdown
Car Dealer Live

Car Dealer Live: Top tips for car dealers to keep business and spirits high during national lockdown

January 17, 2021
Less demand at home and abroad sees car production drop by nearly a fifth
News

Car dealers blast manufacturers for continuing to impose sales targets during lockdown 3 as ‘morally wrong’

January 15, 2021
Become a Car Dealer Plus member and get more out of this website including free legal advice
News

Become a Car Dealer Plus member and get more out of this website including free legal advice

January 15, 2021
Car Dealer Power

Car Manufacturer of the Year – Where did your manufacturer rank in Car Dealer Power 2020?

January 15, 2021
Car Dealer Power

The best car dealer suppliers named in the Car Dealer Power Awards 2020

November 26, 2020
  • Latest
  • Used Cars
  • Live
  • Forum
  • Power 2020
  • Used Car Awards
  • CDX
  • Knowledge
  • Suppliers Guide
  • About Us
  • Latest Issue
  • Top 100
  • CD Plus
Call us: 020 8125 3880

© 2020 Blackball Media

No Result
View All Result
  • Car Dealer Plus
  • Latest
  • Used Cars
  • Live
  • Forum
  • Power 2020
  • Used Car Awards
  • CDX
  • Knowledge
  • Suppliers Guide
  • About Us
  • Latest Issue
  • Top 100

© 2020 Blackball Media

Log In
Register
Register
Server C