Turnover down but profits hold fast at Days
09 September 2018
Days Motor Group has reported a 12.6% drop in turnover in 2017 but gross profits were almost exactly the same as 2016’s. In its report for the year ending 31 December, the group announced revenue of £210.12 million down from £232.27m in 2016, though gross profits were up £9,000 year-on-year to £56.50m.
The company attributed the fall in turnover to declining new vehicle sales, but claimed its focus on the used market had been sufficient to sustain profits, an initiative it claimed would continue, along with increasing attention on aftermarket services.
Turnover from the group’s fleet division increased by £1.5m (5.6%), though short-term hire revenue fell by £620,000 (3%). The statement said that the fleet division’s “flexible solutions” had fostered business.
It also announced plans to “proactively seek to acquire new trading premises” and reported an increase from £62.7m to £66.8m in net assets.
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