Harwoods profits fall
03 April 2018
Premium and luxury brand retail group Harwoods saw a significant drop in profitability in 2017 as it coped with an “industry-wide squeeze on margins”.
Despite a slight rise in turnover in 2017 to £620 million, up from £613m in 2016, operating profits before exceptional items fell by more than a third to £8.3m from £12.7m in the previous year. As a result the return on sales for the group dropped from 2.8% in 2016 to 1.1% last year, according to the group’s latest accounts filed last week.
According to Harwood’s account: “2017 was a challenging year for the group when compared to previous years as industry-wide squeeze on margins had an effect on profitability. During the previous year the group acquired a Jaguar dealership in Croydon and a Land Rover dealership in Lewes. These new sites have continued to bed in as they are integrated into the group.”
Harwoods operates sites across the south of England including 17 new car franchises for brands including Audi, Aston Martin, Bentley, Jaguar and Land Rover.
Tags:
Harwoods 
Why Subscribe?
As an auto retail executive you need insightful and unique industry intelligence to boost your business potential. Here’s a taste of what Auto Retail Network has to offer:
- Get informed and boost your business potential
- More than 1,200 fellow executives have joined us since launch
- Independent, carefully crafted, unique content relevant to you and your business
- Develop a greater awareness of market trends and opportunities
- Access to a wide range of materials whenever, wherever and however you want it
- Significant discounts on ARN events, reports and other publications
