Day’s Motor Group saw its revenues drop by 2.2% in 2022 to £258 million, but posted increased profit performances on the back of its used, rental and fleet department performances.
The group saw gross profits for the year ended December 31, 2022 increase by 14.5% to £98.2m and operating profit up by 40.5% to £39.2m.
The business has almost 600 staff and trades from 18 locations across Wales, South West England, Shrewsbury, Watford and Sheffield. It represents Ford, Nissan, Fiat, Peugeot, Alfa Romeo, Jeep, Iveco, Ineos Grenadier and operates its Day’s Motorpark used car supermarket centres and its Day’s Transit Centres.
A statement from the group said: “On behalf of our directors, we would like to recognise our loyal and dedicated staff for their commitment during 2022 that culminated in a record performance for the group.
“There were many global and UK specific challenges during 2022, such as the effect of the devastating war in Ukraine and the supply chain, as well as energy prices hitting record levels not seen before and the knock-on impact on the cost of living hitting suppliers, customers and our colleagues alike.
“The continued restrictions 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.”
The directors said organic growth from its long term strategies from its Day’s Rental and Day’s Fleet companies, helped to deliver a strong profit performance.
The company’s fleet division saw a 14.7% increase in turnover to £5.3m, while its short term hire division increased turnover by 25% to £10m in 2022.
The group’s proprety portfolio is an important aspect of the business and it remain acquisitive to fuel its further expansion “should such opportunities arise”.
The director statement added: “We are also 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.
“We would like to thank all our loyal customers, manufacturers, finance partners and staff for their continued support and look forward to another good financial performance in 2023.”
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