Demand for electric cars helps Cork motor group to best ever year
And Battery, Demand In For Electric To Plug The Vehicles See File Growth Photo Hybrid Strong Continued In Group
Strong growth in demand for electric cars in 2023 helped one of the country’s largest motor dealerships, the family-owned Johnson & Perrott Group, to a record breaking year to record pre-tax profits of €9.94m.
New accounts show that the Cork-based Johnson & Perrott group recorded the 14% increase in pre-tax profits to €9.94m as revenues surged by 26% from €135.2m to €170.87m.
The directors for Johnson & Perrott Ltd state “the group achieved its highest ever results in 2023” and “the improvement in the supply of vehicles during 2023 enabled a significant growth in new car sales and in the delivery of new vehicles for lease and hire”.
They say that “continued strong demand for used vehicles also impacted positively on profitability”. They further state that during the year "the group continued to see strong growth in demand for battery, electric and plug-in hybrid vehicles and a significant increase in the range of vehicles within its portfolio of franchises using this technology”.
On the outlook for the business, the directors say that “the strength of the group’s balance sheet, the robust nature of the business model and the quality and commitment of our staff provides the Group with a solid platform to continue to grow despite the many challenges facing the motor industry”.
The business is operated through four dealership sites at Mahon Point Retail Park, Douglas Road and Bishopstown, Cork. The group has nine leading car franchises: CUPRA, Jaguar, KIA, Land Rover, MG, Opel, Peugeot, SEAT and Volvo, including the Opel & Peugeot commercial franchises.
The business also operates a retail used vehicle outlet at the Bishopstown dealership, which trades under the brand name Motorstore.ie.
The business — owned by the Whittaker family — has a proud history in transport here dating back to the coach building era in 1810.
The firm last year paid out dividends of €1.87m and this followed a dividend payout of €1.56m in 2022. The group recorded operating profits of €10.67m and profits were reduced due to a combination of a €75,000 write down in investments and finance costs of €653,493.
The group recorded post-tax profits of €8.57m after incurring a corporation tax charge of €1.37m. Numbers employed increased from 199 to 216 as staff costs increased from €11.7m to €12.65m. Directors’ pay totalled €822,400.
The profits take account of non-cash depreciation costs of €18.56m. At the end of December last, the group’s accumulated profits totalled €84m. The group’s cash funds decreased from €3.37m to €1.63m.
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