11:17 am, August 20, 2024
New and used car dealership group Lloyd Motors saw its pre-tax profit fall by 15% last year on turnover that rose by a fifth.
Its newly published accounts for the year ended December 31, 2023 show that the Car Dealer Top 100 firm made £20.628m profit before tax versus £24.356m the year before.
Meanwhile, turnover went up from £727.377m to £870.985m, while Ebitda dropped by 7.9% from £30.398m to £27.991m.
The results were in sharp contrast to its previous figures, which revealed that pre-tax profit went up by more than 11% on increased revenue of almost 16%.
In the accompanying strategic report for 2023, signed on behalf of the board by director Bryan Lloyd, the company said that it was satisfied with the overall performance across all its franchises during what it termed ‘challenging trading conditions’.
Aggregate emoluments for directors rose from £863,000 to £876,000, with the highest-paid director receiving £634,000 – up by £1,000 on 2022. The board recommended that a dividend of £330,000 be paid – the same figure as in 2022.
The monthly average number of employees rose from 1,082 to 1,168, while charitable donations totalling £34,053 were made during the year – nearly twice 2022’s £18,760.
Results season so far…
- Eastern Western sees profits slide as Mercedes’ agency sales model sucks £50m from revenue
- Listers becomes latest car dealer to see profits tumble as shrinking margins hit
- Family-run Vindis Group sees profits wiped out but bosses ‘satisfied’ with performance
- Bosses at family-run Vospers warn of automotive ‘trade war’ as profits slump in latest accounts
- John Clark Motor Group breaks £1bn turnover barrier but pre-tax profit sinks by almost 10%
- Hartwell bosses happy with ‘strong financial performance’ despite 70% slump in profits
- Holdcroft directors award themselves 345% pay rise as profit takes a tumble
- Vines Motor Group sees profits slump as bosses blame wider economic factors
- Car dealer group Parkway is the latest retailer to see profits wiped out as firm takes 75% hit
- Family-run Masters of Beckenham admits ‘concerns’ about Kia relationship as profits tumble
- Lloyd Motor Group’s annual pre-tax profit falls despite upturn in revenue
Lloyd Motors was founded in 1976 and now represents marques such as BMW, Mini, Jaguar, Land Rover, Volvo and Kia at showrooms across the north of England and Scottish Borders.
The results come as the company was granted approval to partially demolish a former restaurant in Newcastle and use the site for office space and more parking.
It has Mini and BMW showrooms near the former Levant Toon Mediterranean restaurant, which was on the listed Fenham Barracks site.
Now the ex-eaterie’s modern extensions will be torn down in what the city council called a ‘welcome intervention’, leaving intact the guardhouses, which date from between 1804 and 1806, reported Chronicle Live.
Pictured at top via Google Street View is Lloyd’s used car outlet in Blackpool
