9:24 am, July 9, 2024
A seven-site Kia, Dacia and Renault dealership group has clocked up pre-tax profits of nearly £5m after a stellar 2023.
Gravell’s, the South Wales-based dealership group, turned over £130.5m last year, its most recent accounts reveal.
Profit for the year was up to £4.6m – a rise on the £2.4m achieved the year before.
Gravell’s has Kia dealerships in Kidwelly, Narberth, Bridgend, Abergavenny, Swansea and Hereford and a dual Renault Dacia site in Kidwelly.
The group turned over £54.2m from the sale of used cars and £61.7m from the sale of new vehicles.
Director Jonathan Gravell, pictured above, wrote in the report: ‘The company has maintained positive growth during the last 12 months with increased new value added products and services to its new and existing customer base while maintaining a high standard of service.
‘The company continues to invest in its underlying systems and constantly seeks to identify opportunities for growth.
‘The company’s performance is heavily influenced by the fortunes of the franchises it represents.’
Looking ahead, Gravell did highlight the economy as a risk to his business, though.
He added: ‘The performance of the UK economy and relatively high interest rates continue to put pressure on the consumer and businesses looking to replace their vehicle fleets. Economic forecasts indicate an improved position for 2024.’
The annual report, just filed at Companies House, also reveals the company invested in 40 new EV charging points across the group last year.
The group employed 151 staff as at the end of 2023.
