11:45 am, January 18, 2024
A single franchised car dealership is celebrating another impressive year of financial results which saw it generate close to £1.4m in profit from just one showroom.
Accounts published via Companies House show that BRD Retail Ltd – the company behind Burton Kia – increased turnover in 2023 to just over £30m from £24m the year before.
Profit before tax for the dealer’s year, which ended in August, came in at an impressive £1.37m – a gross margin of some 11 per cent.
Despite being seriously impressive for one dealership, the year’s profit was actually down on the £1.8m the outfit generated in 2022.
However, there was still plenty for bosses to be happy about with the dealership bucking national trends to post its highest ever used car sales.
Although the numbers of sales of new and used cars are not given in the accounts, the ‘sale of goods’ brought in revenue totalling £28.9m. Meanwhile, the ‘sale of services’ generated an impressive £1.1m.
In a statement included in the accounts, managing director Charlie Bullock, said: ‘The financial year ending August 31s, 2023 was another record year for Burton Kia.
‘New & used car supply issues eased slightly year on year, which is pleasing. Used car sales nationally were down but this was not the same for Burton Kia as we sold the most units ever in this time period.
‘We go into the new year with a healthy new car order bank supported by a very good appetite for more new car orders from our customers.
‘Looking forward to 2024 we, as directors, feel that we will at least match this year’s performance in both turnover and revenue.’
Burton Kia is based in Burton-upon-Trent and is one of the largest Kia franchises in the UK. It has capacity for 100 used cars and a large showroom for new Kia models.
According to the latest documents, bosses are currently planning to refurbish the current premises ‘to meet manufacturers standards’ which will give a ‘more modern look and match Kia’s all-new branding’.
The full accounts can be viewed on Companies House.
