Sytner profit down, Lookers loss for 2023
30 October 2024
Sytner saw profit before tax fall from £179.9m to £125.9m in the year ended December 2023. Revenue grew from £6.8bn to £7.4bn.
The directors described the trading performance as “mixed”. Profit was down largely due the cost pressures driven by high inflation – higher interest on the group’s borrowings saw interest increase to £48m, up £28.8m on the prior year. The Mercedes-Benz shift to agency, in January 2023, brought both a decrease in turnover and cost of sales.
Lookers saw profit before tax fall into the red during the same period, from £84.4m to -£1.8m. Again, turnover grew slightly, from £4.3bn to £4.5bn.
The group was acquired by Global Auto Holdings in October 2023, and de-listed from the London Stock Exchange. Fees related to the acquisition and accelerated costs arising upon acquisition totalled £16.6m. In December, 14% of the workforce was put at risk of redundancy, resulting in a further £8.4m of non-underlying expense.
Other non-underlying expenses included £9.5m for the ongoing sales transformation projects and £5.4m in property exit costs. Total non-underlying expenses of £39.6m resulted in the loss of -£1.8m.
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