7:09 am, September 25, 2025
Dealer group Vines saw a modest rise in turnover last year, but saw a sharp decline in profits due to reduced margins and higher costs.
Accounts for the year ended December 31, 2024, filed with Companies House, show the Surrey-based firm improved revenue compared to 2023.
Turnover rose to £210.89m – a 4.5% increase on 2023’s £201.85m.
However, pre-tax profit plummeted 88.7% to £525,000 – in 2023, the business recorded £4.65m.
Operating profit came to £1.56m (2023: £5.35m) and profit for the year, after tax, came to £389,000 (2023: £2.15m).
For KPIs, operating margin stop at 0.74%, down on 2023’s 2.57%, and return on sales saw a chunky drop from 2023’s 6.38% to 1.83%.
A dividend on £562,000 was paid last year, compared to £1m the year before.
New and used cars sales, along with motorcycles, grew from 2023’s 5,438 (a decreased of 7.0%) to 5,983, with half of this increase being in sales of new BMWs, the company said.
Writing in the accompanying report, director Sean Kelly said: ‘The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, being at least 12 months from signing financial statements.
‘At the end of 2025, the business has underachieved its budget ambitions, but aligned with 2024 performance overall. This is on the back of lower than expected new Mini vehicles volumes after the switch to an agency sales model on 1st March and continued deterioration in new car margins generally. After-sales profitability is in line with 2025 budge expectations.’
Established in 1980, Vines Motor Group is a franchised BMW and Mini dealership network covering the Surrey area, including Guildford, Gatwick and Redhill.
