9:49 am, January 7, 2025
Used car supermarket Heaton Park Garage Limited reported turnover and profit growth for its financial year ending March 2024, released in its latest accounts.
This was a drastic turnaround from its accounts published in 2023, when profit slumped 15%.
Since those last accounts were published, Marubeni Auto Investment took a majority shareholding in parent company HPL Motors Group. The Japanese company also owns Norton Way and RRG Group.
As the group changed its financial year end for this period, its latest set of results cover a 17 month period and are compared to the year ending October 31, 2022.
Turnover was up 38% from £99.1m to £137.1m at the car supermarket group, which has four locations in the north west trading as HPL Motors.
Gross profit was also up 28%, from £11.7m to £15m but gross profit as a percentage had fallen 8%.
Profit before taxation saw a more modest rise, up 2%, from £5m to £5.2m.
In its operational review, directors said they ‘are pleased with the performance of the business during this period’ but added that ‘difficult used car market conditions impacted used car margins with used car prices falling significantly towards the end of 2023’.
Heaton Park Motors Limited is a 100% subsidiary of HPL Motors Group, part of Marubeni Auto Investment.
