Mercedes-Benz Retail loses £20.8m; PSA Retail loses £9m
13 October 2021
Mercedes-Benz Retail lost £20.8m before tax in the year ended December 2020, down from a £72.5m loss in 2019 (heavily influenced by a revaluation of freehold properties). Revenue fell from £1bn to £706m. New passenger car volumes fell 45% – mainly through targeted reduction of low-margin corporate business, down 77%.
Mercedes-Benz continues to search for buyers of the retail group, insisting it is prioritising those with long-term economic success, the continuation of Mercedes-Benz operations, safeguarding jobs and supporting customers.
PSA Retail lost £9m in the year ended December 2020, compared to an £868k profit in 2019. Revenue fell from £1bn to £894m. The company “continued to reinforce its strategy of reducing operating costs in 2020 in order to remain competitive”, although administrative expenses actually rose from £38.9m to £43.1m.
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