10:54 am, August 10, 2022
Lloyd Motor Group saw its pre-tax profit soar by 97 per cent to nearly £23m last year.
Its newly published accounts show it made £22.819m for the year ended December 31, 2021 versus £11.560m in 2020.
That was on a turnover of £645.741m, which itself was a 27 per cent increase on 2020’s figure of £508.608m.
It took advantage of government support via the furlough scheme, business rates relief and VAT deferral, claiming £1.032m in furlough last year versus £5.445m in 2020 (listed as ‘Other operating income’).
The average number of employees went up from 897 to 996.
The new and used car dealership chain said that when pandemic restrictions were eased it ‘benefited from significant pent-up demand and increased levels of savings some customers experienced’.
The directors have recommended paying a dividend of £330,000 – the same amount as in 2020.
No donations were made to charity by the group last year, versus £8,014 that was given in 2020.
Highlights of the year included buying York Jaguar Land Rover for £4.6m in July 2021.
The directors said in the accompanying report they were ‘satisfied with the overall performance across all franchises in challenging trading conditions’.
The report added: ‘The directors look forward to maintaining the level of profitability in 2022 subject to the overall market and economic trading conditions improving over 2021.’
Established in 1976, Lloyd Motor Group now has 31 sites across the north of England, representing BMW, Mini, Jaguar, Land Rover, Kia and Volvo.
Pictured via Google Street View is Lloyd’s BMW dealership in Colne
