More retailers report booming 2020
04 October 2021
Glyn Hopkin saw turnover fall 18.8% to £368m in the year ended 31 December 2020, but profit before tax swelled £1m to £4.2m. An interim directors’ dividend of £2m was declared (2019’s total was nil) and £3.9m in government grants were received.
2020 saw the first full year from its four additional MG retailers, and its first Kia franchise, “one of the most sought after franchises in the UK”.
It will receive financial compensation from Mitsubishi’s European withdrawal and the group’s strategic withdrawal from the Honda franchise will continue.
Turnover at BMW Mini specialist William Morgan was down 10.1% but £2.2m in furlough grants helped turn a £752k 2019 loss into £1.69m profit before tax.
Peter Vardy profit before tax grew from £4.3m to £4.5m despite revenue declining 12.1%. The business used furlough “on a limited basis, however, this revenue is offset by the cost of salaries”. The profitability boost was delivered by the strategic purchase of stock during the pandemic and a review of its cost base.
Last week we reported on profit for Perrys Motor Sales: parent company Perrys Group has performed even better, with profit before tax growing from £1.6m to £3.1m. “Prompt and effective management action” helped mitigate the impact of the pandemic, meaning that despite a 19.3% fall in revenue, return on sales was up from 0.5% to 1.1%.
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