8:42 am, April 17, 2023
The holding company of dealer group Motorvogue saw its profits double last year, according to new accounts.
J.A.P.S Holdings enjoyed a bumper year in the 12 months to June 30, 2022, with pre-tax profits rising to £829,764 – a 100.7 per cent rise on the previous year’s figure of £413,351.
Bosses at the firm said they were ‘satisfied’ with the result and paid tribute to the ‘amazing effort’ put in by staff at the dealer group.
However, they admitted that Fiat, Jeep and Alfa Romeo profitability had continued to be impacted by the merger that resulted in Stellantis being founded in early 2021.
The increased profit was driven in large part by a sharp rise in turnover, from £69.6m in 2021 to £89.7m in 2022.
Of that revenue, the vast majority (£82.4m) was generated by vehicle sales, with part sales raising a further £2.9m. Elsewhere, services brought in just over £3m and commissions accounted for around £1.4m.
One of the biggest factors of the year, according to the accounts, was the easing of Covid measures and a return to ‘some normality’.
The furlough scheme officially ended in September 2021 and throughout the period covered by the accounts, J.A.P.S paid staff wages and salaries totalling £2.22m, compared with £2.16 in the previous year.
The year also saw the outfit acquire a new multi-franchise site in Bury St Edmunds, which opened late in 2022, and is now representing Fiat and Citroen ahead of Peugeot joining in June.
It means that Motorvogue now represents Abarth, Alfa Romeo, Cupra, Dacia, Fiat, Hyundai, Jeep, Renault and Seat across four multi franchise sites.
Exceptional costs relating to the project came to £146,000 during the period covered by the latest accounts.
In a statement included alongside the figures, director Jon Pochin, said the company was well-placed to record even higher profits next year.
He said: ‘During the trading year, the business returned to some normality as Covid restrictions lifted and we an extremely strong used car market due to continued supply issues and extended delivery times on new cars that continued throughout the year.
‘The merger of PSA/Vauxhall with Fiat and Chrysler Automobiles in early 2021 to form Stellantis has had a significant impact on our Fiat, Jeep and Alfa Romeo profitability during the year.
‘The merer has secured the long-term future of these brands and will ensure the flow of new market relevant models over the coming months and years, although the impact on trading during this period due to the reorganisation and harmonising of the new group caused additional supply issues, and a reduction in trading/support terms and margin.
‘The group invested in a new customer contact centre in early 2021. And we have started to see the benefit of this with aftersales growth within the period of over 15 per cent. We anticipate similar like-for-like growth during the next trading year.’
He added: ‘The group returned profit before tax of £892,764 compared to a profit before tax of £413,351 in 2021.
‘The board was satisfied with this result considering the new car supply issues and challenges during the year and recognise the amazing effort made by all our staff in achieving this result.’
