9:25 am, January 3, 2025
Directors at Chapelhouse Motor Group say are ‘satisfied’ with the firm’s performance in 2024, despite profits taking a major hit.
Accounts recently published via Companies House show that the Southport-based dealer group made a pre-tax profit of £1.79m in the year ending June 30, 2024.
The result represents a slump of more than 44% compared to the £3.25m the group made in 2023 but bosses insist the business is well placed to thrive going forward.
The outfit recently added Omoda and Jaecoo to its list of manufacturer partners, joining MG and Suzuki in the Chapelhouse stable.
The move is likely to improve revenues over the coming years and turnover was also up in 2024 – rising from £112.9m to £117.98m.
Despite this, gross margin did decrease from 13.1% to 11.4%, largely as a result of ‘changing market conditions primarily in the used vehicle sector’.
When it came to staff, the group employed an average of 225 people throughout the year – the same as in 2023 – with costs rising slightly to £6.79m.
Elsewhere, ordinary dividends were paid throughout the year, amounting to £1m.
In a statement included in the accounts, director Nicolas Coen said that the group was now looking ahead to 2025 with the transition to EVs high on its list of priorities.
He said: ‘When making that all important buying decision, our multi-franchise sites enable the sales team to offer valuable advice and test drives across multiple brands, making comparison and selection easy and with a wide variety of used vehicles in stock and a full range of franchise options, with franchises including Suzuki, MG and more recently the Chery Corporation with their Omoda and Jaecoo brands having chosen Chapelhouse.
‘We see this as a significant opportunity moving forwards with Chery being one of the largest car manufacturers in the world.
‘MG are committed to increasing their market share and Suzuki will have a number of new electric vehicle offerings in 2025.
‘In recent years, the group has seen extensive redevelopments of its premises, allowing for an improved customer experience when visiting all of our branches.
‘We are updating our sites and in 2025 will have electric charging points at al of our sites in line with our continued planning for a greener future.’
‘The directors are satisfied with the performance of the company and look forward to this continuing,’ he added.
‘The directors are confident that the company will maintain its strong position within the market.’
