Share
Last year, Dick Lovett Group had a record business year, with cash exceeding £800 million for the first time; However, its pre-tax profit fell to almost a fraction of last year’s figure.
In parent company Dick Lovett Companies’ new accounts for the year ended December 31, 2023, the Swindon-based new and used car dealer chain reported profits of £822. 064 million, up 7% from £769. 763 billion in 2022.
The accompanying strategic report, signed on behalf of the board of directors through director Julian Winterburn, hailed it as “the first time in the group’s history that turnover has exceeded £800 million”.
However, its pre-tax profit of £24. 353 billion was 48% lower than the record £47. 174 billion in 2022; the latter, according to the board, adds up the profit from the sale of land and buildings of the former BMW and Mini Bath dealership. . .
Dick Lovett represents BMW, Mini, Porsche, Aston Martin, Land Rover, Jaguar and Ferrari, but said profits across all Porsche brands were lower than last year’s figures.
The Board said, “The trade has been unchallenged as the source of new cars remains unpredictable and emerging interest rates also impact financing rates for new and used vehicles.
“Car margins also declined from last year as the source of new cars moved ahead and EV waste became more difficult. “
The board said its strong commercial functionality had enabled the organization to have a strong and positive monetary position, even after “a significant investment program in the redevelopment of concessions and other assets. “
As such, he said, his value stood at more than £170 million for the first time.
The board of management highlighted “the investment in the structure of the new Porsche Newport dealership to open in 2024 to relocate the existing Porsche Cardiff dealership. “
Among other investments, the organization said it also bought assets in Hungerford to relocate BMW and Mini dealerships while their sites are rebuilt and renovated in 2024.
The monthly average number of employees in the group, including managers, has risen from 909 to 964, with maximum increases in service and sales. However, the number of workers in the body department has decreased from six to 62.
Directors’ remuneration increased from £1. 648 billion to £1. 184 billion, and the remuneration of the highest-paid director increased from £680,000 to £996,000.
No dividends were paid and the directors did not propose the payment of another dividend.
Dick Lovett, whose origins date back to 1959, has dealerships throughout South West England and Wales and is BMW’s longest-standing official partner in the UK, whose connection to the logo dates back to 1968.
The main Google Street View symbol shows the showrooms of Dick Lovett, Porsche and Ferrari in Swindon.
John has been with Car Dealer since 2013 after spending 25 years at the newspaper as a journalist and then deputy editor/deputy editor of regional and national titles. John is the Deputy Editor of the Editorial Department, works at Car Dealer, and manages social media.
The latest. . .
Verify. . .
Account links. . .
Car Dealers Magazine