7:17 am, September 10, 2023
New and used car dealer Lloyd Motor Group saw its pre-tax profit rise by more than 11 per cent in 2022 to nearly £24.5m.
Its newly published accounts show it made £24.356m profit before tax during the year ended December 31, versus £21.819m in 2021.
That was on a 15.9 per cent turnover increase from £645.741m to £748.252m.
Gross profit went up by 17.2 per cent across the company from £81.994m to £96.167m, and Ebitda rose by 10.6 per cent from £27.488m to £30.398m.
The accompanying report, signed on behalf of the board by director Bryan Lloyd, said the directors were ‘satisfied with the overall performances across all franchises in challenging trading conditions’.
Directors’ aggregate emoluments were £863,000 – down £9,000 on 2021 – with the highest-paid director receiving £633,000, which was £9,000 up on 2021’s figure.
A dividend of £330,000 has been recommended by the directors Bryan Lloyd and Samuel James Lloyd – the same amount as in 2021.
The monthly average number of employees reached four figures, having risen by 86 to 1,082, with the increases more or less equally spread across the management/administration, sales, and service/parts/body repair departments.
Lloyd Motor Group also made £18,760 of charitable donations during the year – down on 2021’s total of £42,000.
Among the highlights, its Lloyd Motors Ltd subsidiary bought Morecambe Kia from R Smith (Windermere) Ltd in March 2022 for £957,000, with the dealership now trading as South Lakes Kia.
That was followed in August by the same subsidiary acquiring the ordinary share capital of P.V. Dobson & Sons (Motors) Ltd, which was renamed PVD Motors Ltd.
The business operates the Volvo franchise for the south of Cumbria and north Lancashire, and the report stated that PVD Motors’ trade and assets ‘were hived up into Lloyd Motors Limited’ in September.
Lloyd – which ranked 22nd on our latest Car Dealer Top 100 of the UK’s most profitable dealerships – also represents BMW, Land Rover, Jaguar, Mini and Ineos.
It began life as a BMW retailer in Cumbria in 1976 and now has more than 30 sites across the north of England and Scottish Borders.
Pictured via Google Street View is Lloyd’s Land Rover dealership in Kelso
