9:45 am, October 17, 2025
Bosses at Riverside Motor Group say they are ‘pleased’ with the car dealer’s performance after the firm posted record profits in 2024.
Accounts recently filed via Companies House show that Riverside Motors Holdings made a pre-tax profit of £8.06m in the 12 month to the end of last December.
The figure marks a 33% rise on the £6.02m the outfit bagged in 2023 and represents ‘record profitability’ for the Yorkshire-based firm.
There was also a rise in gross profit margin from 5.3% in 2023 to 10.1% in 2024 as the group ended the year with a balance sheet showing net assets of £22.2m.
It comes despite a hefty decline in turnover, which directors have largely put down to Volvo’s agency sales model. The accounts show that the Car Dealer Top 100 group’s revenue totalled £157.26m, compared to £252.15m in 2023.
Explaining how the change has impacted Riverside, director Mark Denton said: ‘This year has seen a full year of trading within our Volvo businesses under the non-genuine agency model, which has meant that 5,056 units are not recognised in our turnover as full unit sales values, but are instead recognised in income as handling fees as a much reduced percentage of the unit sale value.
‘Had the full value of these units sold counted towards our turnover, we estimate that it would have resulted in a turnover increase of over £214m (5,056 vehicle sales at £42,405 average price after discount = >£214m turnover), taking our turnover beyond the £370m mark plus a small number of Honda and Cupra sales which were also non-genuine agency.
‘However, turnover for the year decreased by £94.9m (37.6%) from £252.2m in 2023 to £157.3m this year.’
Reflecting on the group’s success, he added: ‘Profit before tax has also increased this year by £2.04m (33.8%) from £6.03m in 2023 to £8.07m and total overall profit for the year after taxation amounted to £5.77m (2023: £4.38m).
‘The directors are pleased with the group’s performance delivering a record year of profitability.
‘The group is financially strong, with a group balance sheet showing net assets of £22.2m.
‘In addition, the group has adequate cash at bank and available facilities, and its bankers continue to be very supportive.’
Elsewhere, June 2024 saw Riverside open a new ‘Polestar Space’ site in Meadowhall Shopping Centre to represent the EV brand across Yorkshire.
The move was part of wider expansion, which saw the group’s workforce grow to an average of 272 employees, compared to 253 in 2023. Staffing costs also swelled to £9.78m.
Meanwhile, the total distribution of dividends for the year ended up costing £2.04m.
