7:30 am, October 8, 2025
Snows Motor Group has made a triumphant return to profit following an eye-watering seven figure loss in 2023.
The South Coast-based car dealer turned a loss of £2.64m in its last set of accounts but has now bounced back at the first time of asking.
Freshly-published accounts for the 12 months to the end of last December show that Snows Motor Group Limited made a pre-tax profit of £1.3m in 2024.
Bosses have put the transformation down to an increase in gross margins, which grew from 12.2% to 12.6% in 2024, with accounts also showing a significant reduction in capital expenditure throughout the year.
In 2023, Snows invested a whopping £4.1m into capital items as it looked to expand its dealer network. This time out, that figure shrunk to £1.67m – a difference of almost 60%.
The firm also sold off a number of its sites, as it looked to streamline operations, with Seat and Mercedes showrooms among those to be disposed of.
Despite this, the year still saw Snows open its first two BYD sites – in Southampton and Basingstoke – and expand its partnership with Toyota and Lexus.
The firm added both Japanese brands in Bournemouth and opened a Toyota-only site in Salisbury.
The new sites helped the retailer post an improved turnover of £735.17m, compared to £690.2m in 2023.
Reflecting on the year, CEO Stephen Snow said: ‘The profit before taxation totalled £1.3m compared to a loss of £2.6m in 2023.
‘This increase in profitability is due to the increase in gross margin as noted above, plus the impact of a decrease in the interest charge by £509,000.
‘The company continues to demonstrate good monetary management and has a strong focus on cashflow management.
‘The company undertakes ongoing evaluations of its representation to ensure we are aligned with our strategic plan.
‘In May 24, our single site Mercedes-Benz Commercial Vehicle operation in Exeter was sold to an existing MB retail partner.
‘During 2024, we closed two Seat sites– the Yeovil site was disposed of, but the Salisbury site was adopted as part of our Toyota representation.
‘We continue to partner with both Seat and Cupra in Southampton, Portsmouth & Poole with a continued strong partnership with Volkswagen Group.
‘There are no plans to alter the existing operation of the company in the future.’
Despite the changes to the Snows network, staff numbers remained at roughly the same level, with an average of 1,065 employees. Staff costs came in at a slightly increased £44.48m.
The directors did not recommend the payment of a dividend for the year, following a review.
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