1:13 pm, May 3, 2023
Waylands Automotive saw profit grow by 14.9 per cent in 2022, up to £3.1m from £2.7m in the previous year, for its fifth consecutive year of growth.
The group added three new dealerships in the year ending December 31, 2022, taking its total to 10. Despite the additional investment, it reported a strong cash balance of £2.4m, up from £0.9m in 2021.
Revenue grew 35.2 per cent from £124.6m in 2021 to £168.4m as sales increased in new cars, used cars and aftersales.
The group reported in its latest financial statement that new car volumes grew to 1,807 (up from 1,724) and gross profit increased from £3.7m to £5.4m.
For used cars, sales were up to 2,333 from 1,904, where gross profit increased to £6.2m from £6m in 2021.
Aftersales revenue was up to £15.1m from £11m, with gross profit of £8.2m (up from £6.2m in 2021).
Waylands commented in its group strategic report: ‘Despite the challenges in the year resulting from economic uncertainty, significant cost headwinds and ongoing supply disruption, the directors are delighted with the group’s performance, delivering its fifth consecutive year of sales and net profit growth.
‘The group entered 2022 well placed to capitalise on its acquired Volvo market areas, and following full integration of additional sites in the previous year was able to leverage the benefits of its enhanced scale to continue investment
‘The group continued to expand in the year, completing the purchase of Kia Bicester in May: doubling its representation with one of the strongest performing UK brands. And in August, opened a second location with MG in Newbury including a specialist used EV centre.
‘In October, the group added its fourth brand partner with Polestar, the first full electric performance brand for the business and taking the number of outlets to 10.
‘The continued focus on controlled working capital and customer experience remained crucial. However, supply disruption and cost headwinds impacted the like for like business significantly.’
It added that the group was ‘performing ahead of expectations’ in the first quarter of 2023, and said: ‘The directors are forecasting good levels of profitability in the forthcoming year.
‘The directors believe the business remains positively placed to face any further challenges ahead, particularly from continued new car shorlages, with sufficient cash reserves and funding facilities in place.’
