Norton Way in £2.1m 2024 loss
23 December 2024
Norton Way Motors, a division of Marubeni Auto Investment, has reported a £2.1m loss before tax for the year ended March 2024, compared to a £1.8m profit in 2023. Turnover grew 11.2% from £368.4m to £409.6m.
“The business faced challenging market conditions this year,” said the directors. “Operating expenses increased by £2.2m (7.6%) to £30.9m, which significantly impacted our profitability.”
The company saw significant increases across several areas, with the biggest being wages and salaries, up 4.5% to £19.5m. Interest payable increased by £1.4m due to higher interest rates and vehicle stocking costs.
Shareholders’ funds decreased by £3.1m (26%) due to the loss after tax of £1.6m and a £1.4m dividend (it was £7.4m in 2023).
Norton Way has nine sales outlets; three Honda and one each from Mazda, Peugeot, Kia, Nissan, MG and its Carverse used car supermarket in Knebworth. Post-balance sheet, Norton Way closed its Wimbledon Park Honda franchise in September 2024.
In June 2023, Jason Cranswick was appointed MD, in addition to his position as COO of Marubeni Auto Investment.
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