Profits at Cork-based Henry Ford & Son double to €3.6m
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Pre-tax profits at the Irish arm of car-maker Ford last year more than doubled to €3.6m.
New accounts filed by the Cork-based Henry Ford & Son Ltd show that the firm increased its pre-tax profits by 140% from €1.5m to €3.6m as revenues surged by €45.2m or 15.4% from €293.4m to €338.6m.
The directors state that revenues increased “primarily due to pricing actions and a favourable mix”.
The company's 2023 wholesale volume remained flat at 12,145 units compared to 12,197 in 2022.
The total Irish vehicle market increased by 17.6% last year to 154,000 units and Ford’s market share in Ireland was 4.95% across passenger cars compared to 4.82% in 2022. Ford’s market share in commercial vehicles was 23.05% compared to 24.88% in 2022.
The directors confirm that Ford’s total market share remained the same as 2022 at 8.30%.
The directors further state that the increase in pre-tax profits reflects higher non-trading income from inter-company deposits as ‘other interest income’ totalled €2.26m compared to €112,000 under the same heading in 2022.
The company’s operating profits declined by 28% from €1.08m to €782,000 as cost of sales increased by 16% from €282.44m to €326.77m and selling, administrative and other expenses increased by 12.5% from €9.83m to €11.06m.
The selling and administrative expenses included advertising spend surging from €1.85m to €2.6m as ‘other’ declined from €4.07m to €3.48m.
The company recorded post tax profits of €2.84m after incurring a corporation tax charge of €774,000.
On the company’s future developments, the directors state that Ford’s commitment to its Irish customers “is to invest and grow its leading commercial vehicle business and to provide passenger vehicle customers with a more defined portfolio of sports utility vehicles and crossovers and iconic imported models with after- sales support supplied by a strong dealer network".
The directors state that Ford revealed the new electric Explorer and Capri – “the first in a wave of innovative new electric vehicles from Ford and forges the way for a complete reinvention of the Ford brand in Europe”.
They state that the vehicles “will be on sale in late 2024”.
Based in Cork, the company was founded in 1917 by Henry Ford and was the first location outside the US, selected because his grandfather emigrated from the county.
It is the only Ford company left to retain the full title Henry Ford & Son Ltd.
Numbers employed at the company last year remained at 17 and staff costs last year declined from €2.66m to €2.14m.
Pay to key management personnel last year declined from €369,000 to €332,000.
Accumulated profits at the company at the end of last year totalled €19.89m.
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