10:41 am, October 13, 2022
BMW and Mini retailer William Morgan Group enjoyed a pre-tax profit boost of 155 per cent to £4.31m last year.
Its accounts for the year ended December 31, 2021, which have been posted on the Companies House website, show they rocketed from £1.69m the year before.
Turnover at the Car Dealer Top 100 company, which also uses the trading name Wollaston, went up by nearly a fifth from £178.983m to £213.614m.
The group attributed the rise mainly to a weak comparative year in 2020 because of the lockdowns.
Operating profit rose by 86 per cent to £5.367m from £2.881m.
It received £261,508 under the furlough scheme versus £2.24m in 2020. The average monthly number of employees fell from 365 to 329.
The accompanying strategic report, signed on behalf of the board by director Christian Le Fevre, said it was pleased with ‘another robust year of trading’, adding: ‘This was achieved through increased sales volumes and margin retention…along with a focus on cost control and reduction.’
Last year saw the Northampton-based company’s first full year of trading at its newly redeveloped North Oxford Garage, with more capacity and better facilities for staff and customers.
Looking ahead, Le Fevre said the board was confident the company had enough money to see it thrive through an economic downturn.
However, he acknowledged that it was ‘a challenging time’ because of the ongoing effects of Covid, the Ukraine war and cost-of-living crisis.
Image: Google Street View
