Profit down at Glyn Hopkin but up at JCB Medway
02 October 2024
Glyn Hopkin, in the year ended December 2023, saw profit before tax fall from £7.5m to £4.0m. Turnover grew from £520m to £560m. The directors said they were pleased with the result, as 2022 was an abnormal year both for the group and UK auto retail in general, due to demand outstripping supply.
They said the Nissan, Kia and MG brands all performed strongly, with Kia “continuing to be one of the most sought-after franchises in the UK”. However, Glyn Hopkin reevaluated its relationship with Stellantis in 2023, exiting the Fiat, Alfa Romeo and Jeep brands. Profitability had been declining and “in a number of cases were loss-making”.
JCB Medway reported an excellent year to December 2023. Profit before tax was up from £4.4m to £6.6m, and turnover grew from £228m to £256m, results the directors described as “excellent”.
They added that for used cars, 2023 was a year of two halves; the second half was dominated by the “disastrous situation with used BEVs, which plummeted in price, some by up to 30%”. Retail appetite for new BEVs also waned, with only 1 in 11 customers choosing an electric vehicle. “The UK is the only major European market with no incentives, but also the only one with mandated minimum targets for new ZEV registrations.”
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