Super car

Expanded JT Hughes car retail operation doubled profits in 2021/22

Car retail group JT Hughes has revealed that it more than doubled its profits in 2021/22 following the recent addition of new Kia, Isuzu, INEOS and XBus franchises.

The Shrewsbury-based operation’s pre-tax profits rose from £1 million to £2.3m in the 12-month period to May 31, 2022, as turnover grew by 30.2% to £86.2m (2020/21: £66.2), accounted filed with Companies House show.

Its growth reflects its first full year of sales from a new Kia dealership opened in Newtown back in January 2021 and a switch from Mitsubishi to Isuzu at its Newtown site in March last year.

More recently, the business opened its INEOS Grenadier dealership in Telford and that of the innovative modular electric light commercial vehicle (LCV) brand XBus in Shrewsbury.

A statement accompanying the group’s annual accounts said: “Since the year-end, both new and used car sales have remained steady, with high consumer demand for new vehicles stabilising used car values.

“There are still industry challenges within the supply chain of new vehicles but, now in the second year of the used car centre in Telford, overall sales remain strong.”

Along with its new franchised partners JT Hughes is a main dealer for Honda, Hyundai and Ssangyong, operating from 11 facilities in Telford, Shrewsbury and Newtown.

Source link

Leave a Reply

Your email address will not be published.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