8:01 am, August 31, 2023
Lloyd Motors Limited bosses said they were ‘satisfied’ gross profit had risen 17.2 per cent last year despite ‘challenging’ market conditions.
The dealer group operates from 41 locations and represents brands including BMW, Mini, JLR, Kia, Volvo and most recently Ineos.
It also has Honda and BMW Motorrad bike dealerships in its portfolio.
Accounts just filed by the firm show gross profit leapt 17.2 per cent – while profit before tax was up 6.1 per cent at £26.2m for 2022.
The group now employs more than 1,000 people in its dealerships who helped the firm generate revenues of £748m in 2022, up nearly 16 per cent on the £645m generated the year before.
Vehicle sales accounted for £672m, parts and servicing £66m while £9m was generated from ‘other sales’.
Directors paid a dividend of £330,000 out in the year – the same amount they did the prior year. Some £18,760 was donated to charity by the company too.
Last year, Lloyd Motor Group, the parent company of Lloyd Motors Limited, was the 22nd most profitable dealer group in the UK, according to the Car Dealer Top 100.
‘The directors look forward to maintaining a high level of profitability in 2023,’ said the annual report.
‘Subject to the overall market and economic trading conditions continuing throughout 2023.’
During the financial year, ended December 31, 2022, Lloyd Motors bought Morecambe Kia from R Smith (Windermere) Limited for a total cash consideration of £957k in March.
The group also acquired PV Dobson & Sons (Motors) Limited which operates the Volvo franchise in the south of Cumbria and north Lancashire. The operation was absorbed in Lloyd Motor Group in September.
The highest paid director received emoluments during the year of £633,000.
Parent company Lloyd Motor Group was founded in 1976. Lloyd Motors Limited is a subsidiary of Lloyds Motor Group Limited. The firm said the parent company accounts are expected to be available soon.
