Waylands Automotive saw its pre-tax profit soar by 32 per cent to more than half a million pounds last year.
The specialist Volvo dealership chain, which has four showrooms selling new and used vehicles in Newbury, Oxford, Reading and Swindon, made £502,330 in the year ended December 31, 2019 against £379,853 in 2018 – its first full year of trading – according to its annual report and financial statements filed with Companies House this week.
Revenue, meanwhile, more than doubled, rocketing from £36.2m to £85.6m – a rise of 136 per cent.
It shifted 1,033 new cars last year against 513 in 2018 and 1,360 used cars (508), while aftersales also saw its revenue more than double from £4.5m in 2018 to £9.2m.
And despite this year’s pandemic, which saw the temporary closure of the business from the last week of March to June 1, the directors are predicting similar profit levels for 2020 and an even better result next year.
It ploughed £1.9m into its Volvo Retail Experience investment programme, with work on the Reading showroom completed in March 2019 and Oxford following suit in October. Similar plans for Newbury and Swindon, however, had to be postponed because of Covid-19.
Looking ahead to the end of the Brexit transition on December 31, the directors warned in the report that a no-deal scenario would have a negative effect on the UK’s economy as well as consumer confidence, adding that the group was working closely with Volvo in case of such a scenario.