Super car

Day’s Motor Group grows profits by 210% in 2021 financial results


Day’s Motor Group chairman Graham Day has praised the businesses “dedicated staff” after it recorded a 210% increase in pre-tax profits during a COVID-impacted 2021 financial year.

Profit before tax rose from £7.66m in 2020 to £23.72m last year as the Swansea-based AM100 car retail group’s turnover grew by 32% from £200.2m to £263.4m.

Day’s Motor Group chairman Graham Day, an inductee to the AM Hall of Fame in 2020, said: “On behalf of our directors, we would like to recognise our loyal and dedicated staff for their commitment during 2021 that culminated in a record performance for the group.

“Even though during the first quarter of 2021 most of our showrooms were still in lockdown, the business adapted to a new way of dealing with customers with innovations such as home deliveries, contactless services and electronic documents.

“This contributed toward a very buoyant period for the group which continued when our showrooms were allowed to re-open.

“Whilst there were many challenges during 2021, the limits on new vehicle supply had an impact on all our departments and companies. However, there is no doubt all of our divisions benefited from the rise in the used vehicle market due to the restriction on supply.

“Through the hard work of our colleagues, coupled with the organic growth resulting from long term strategies employed in the group, particularly in our Day’s Rental and Day’s Fleet companies, where between them they now have over 16,000 vehicles on their fleet, the group has delivered a strong set of results for 2021.”

In a 2016 AM dealer profile feature the Day’s leadership team asserted thatthe business “thrives in periods of change”. 

The group currently 17 showrooms and used car supermarkets across Wales and south-west England as well as in Shrewsbury and Watford.

It represents Ford, Peugeot, Fiat and has recently added a franchise with the Ineos 4×4 brand.

The group also operates a Nissan approved aftersales operation and Motorpark-branded used car supermarkets.

During its 2021 trading period the group’s leasing and rental divisions generated a 12% increase in revenues from fleet (to £3.8m) and a 41% rise in short-term rentals (to £11.5m).

The net assets of the group’s Days Property Holding business grew from £74.5m to £83m, meanwhile, and it said it was capable of funding further acquisition opportunities in future.

Day said: “We are proud that we have increased our national presence across the UK with the opening of a number of new trading locations and are looking forward to further investing in commercial expansion and environmental projects.”



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *