Eastern Western reports £50m turnover drop due to agency
23 September 2024
Eastern Holdings Ltd, the holding company for Eastern Western Motor Group, saw profit before tax fall from £24.9m to £18.9m in the year ended December 2023.
Turnover grew from £810m to £857m. The directors nevertheless pointed out that turnover is down £50m in the Mercedes-Benz division due to the shift to agency in January 2023. “We now receive a handling fee instead of invoicing the new vehicle”.
They said the overall reduction in profit was down to general inflationary pressures, along with the “substantial costs” with the development and opening of three new Toyota and one new Lexus retailers.
Overall, they said the group performed “particularly well in new vehicle sales, which increased by 21% mainly through corporate, fleet and Motability” – although this performance “adversely affected our nearly-new vehicles sales, which contributed to our total used volume reducing by 3.8%”.
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Eastern Western 
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