Jardine sees profits fall
30 June 2019
Pre-tax profit at Jardine Motors suffered a significant drop last year, according to the group’s latest accounts. Profits fell from £18.1 million in 2017 to £7.1m last year on a turnover that was up nearly 5% in 2018 at £2.1bn.
New cars sales fell to 35,234 from 38,210 but used grew to 31,913 against 29,984.
The group said it would grow organically with its current franchise partners and only look at acquisitions where there are “real value opportunities” and said a key part of its growth plan is “employee retention” as well as continued investment in delivering a modern customer retail experience.
The annual accounts also highlighted the group’s strong internal audit function which included a “dedicated FCA compliance team” which “specifically audits each dealership for FCA compliance with regular follow-up audits”.
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