Waylands Automotive has posted a 15% enhance in revenue earlier than tax to £3.1 million on revenues that elevated by 35.2% to £168.4m in 2022.
The group represents Volvo, Kia and MG with dealerships in Studying, Newbury, Swindon, Oxford and Bristol. It additionally acts as an agent for Polestar in Bristol.
The rising group posted its newest accounts for the yr ended December 31, 2022 to Corporations Home, which exhibits that pre-tax income on a like for like foundation had been down -14.2% to £2.3m on turnover down -2.7% to £94m.
New automotive volumes elevated from 1,724 to 1,807 and new automotive gross income elevated by 23% to £5.4m.
Used automotive volumes elevated from 1,904 to 2,333 and used automotive gross income £6m to £6.2m.
Aftersales revenues elevated by 37.3% from £11m to £15.1m, with gross revenue up from £6.2m to £8.2m.
Waylands’ assertion mentioned this is the fifth consecutive yr of gross sales and new revenue development regardless of “important price headwinds and ongoing provide disruption”.
The corporate, led by chief government John O’Hanlon, acknowledged that the efficiency of the group has carried out “considerably forward of expectations” in Q1 2023 and the management workforce are predicting good ranges of profitability for the rest of this yr.
O’Hanlon mentioned: “The group’s imaginative and prescient is to be considered one of the best UK automotive group by its friends, colleagues and companions by getting down to construct a regional enterprise of scale.”
Waylands acquired Kia Bicester and MG Newbury to additional cement the enterprise’ partnerships with each manufacturers and is anticipating to develop the group even additional cases the place new areas “align with the group’s technique and territories”.
The group has continued funding in its infrastructure and services because it finalised its Volvo Retail Expertise (VRE) programme, which noticed £9m invested throughout 5 areas. Funding will now be focussed on Kia, with each of its areas recieving full refurbishments this yr.
By June 2024, each Wayland enterprise could have recieved refurbishment inside the final 4 years.
O’Hanlon informed AM earlier this yr that the group is “unashamedly spending quite a bit on property”.
He mentioned: “I believe you possibly can show that when you make investments in the fitting locations you will get the return and that’s what we’re working actually exhausting on.”