Harwoods return on sales drops to 0.6%
15 April 2020
Harwoods has reported a 58.6% fall in profit before tax for the year ending 31 December 2019.
A £7.0m 2018 profit, including £2.1m profit from the sale of a premises, fell to £2.9m in 2019.
Return on sales declined from 1.4% to 0.6%.
Turnover fell 6% to £599m. This was blamed on a decline in registrations. Net cash balances fell from £3.3m to £194k.
The group did acquire Crawley Audi from Inchcape in July, and added the McLaren franchise to its Bramshaw site.
2020’s strategy continues to be “securing and developing first-class sites”.
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