8:56 am, September 18, 2025
Bosses at dealer group Steven Eagell have hailed the firm’s ‘resilience’ after announcing improved profits and record turnover for 2024.
Accounts recently filed via Companies House show that Steven Eagell Holdings Limited made a pre-tax profit of £15.0m in the 12 months to the end of December 2024.
The figure represents a small rise on the previous year’s £14.98m as the Car Dealer Top 100 outfit bucked the wider industry trend of tumbling profits throughout a difficult year.
The group also generated more revenue than ever before, with turnover reaching an eye-watering £1.09bn in 2024, compared to £1.04bn last time out.
The result was made possible thanks to a total of 55,147 new and used vehicles being sold throughout the year – up from 50,484 in 2023,
Meanwhile, aftersales also delivered a strong performance with like-for-like revenue up 8.2%.
Directors have described the performance as ‘robust’, especially in the face of highly challenging macroeconomic conditions and continued consumer uncertainty’.
Elsewhere, the group’s net assets increased to £60m by the end of the year, despite its cash in the bank dipping slightly to £1.9m.
Reflecting on the year as a whole, boss Steven Eagell said: ‘The group delivered a robust performance in 2024, continuing its strategic expansion and maintaining strong customer satisfaction.
‘Despite macroeconomic pressures, the group recorded solid revenue growth and operational efficiency improvements.
‘The group continues to focus on its core business of automotive retailing while exploring opportunities for digital transformation and aftersales growth.
‘In 2024, key drivers included strong new vehicle sales, a growing used vehicle market, and improved finance penetration.
‘Efforts were made to streamline operations, improve employee engagement, and strengthen supplier relationships.’
He added: ‘The board feels that this was a resilient performance and view it as reasonable in light of the highly challenging macroeconomic conditions and continued consumer uncertainty.
‘Political change in the UK, tighter fiscal policy, fluctuating interest rates, and pressure on household incomes all contributed to increased caution among retail consumers when considering new vehicle purchases.’
The year also saw the retailer’s workforce grow from an average of 1,473 employees to 1,621, with staffing costs rising more than 30% to £70.04m. Despite the success, directors’ remuneration plummeted from £7.62m to £2.89m.
Ordinary dividends were paid totalling £8.27m but the directors did not recommend payment of any further dividend.
Founded as a single Toyota site in Milton Keynes in 2002, the group has now grown to be Europe’s biggest Lexus and Toyota dealer.
It now operates more than 30 sites across England and Wales and was recently honoured with seven prizes at Lexus and Toyota’s annual retailer awards.
