Jemca in £4.7m 2024 loss
22 January 2025
Toyota and Lexus retailer Jemca has reported a £4.7m loss before tax for the year ended March 2024, despite turnover increasing from £314m to £345m. In 2023, it reported a £529k profit.
During 2024, cost of sales rose from £266m to £299m, and administrative expenses rose from £33.9m to £36.6m. Distribution costs were flat.
The directors said the financial position reflects “a very challenging trading environment… mainly due to the reduction in new car margin from the manufacturer and the UK used car realignment in the last quarter of 2023”. This resulted in a full year used car gross profit decrease of 23.4%.
The business was hit by a lack of EV supply in growing segments; while EVs made up 16.5% of 2023 sales, Toyota achieved only 0.5%, and Lexus 5.0%.
“The directors have specifically moved to a focus on value chain activities, looking to reduce the reliance on the new vehicle market.” The key area of focus will be on used cars, growing volumes through non-franchise and older used cars, plus introducing smart repair facilities, driving customer retention and maximising aftersales opportunities.
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