Profits motoring on at car group

Pre-tax profits at Cork-based motor group Johnson & Perrott declined by 7% last year to €2.66m.

Profits motoring on at car group

According to accounts filed to the Companies Office, the group recorded the €2.66m profit in the 12 months to the end of December last after recording a pre-tax profit of €2.88m in 2012.

Revenues declined by 26%, from €62.3m to €45.9m, arising from the group disposing of its Avis rent-a-car franchise in March 2012.

Like-for-like sales increased by 2%, going from €45m to €45.88m.

Johnson & Perrott’s second successive year of pre-tax profit contributed to the business paying a dividend of €205,000 to its owners, members of the Whittaker family, last year.

At the end of December, the group had accumulated profits of €54.7m, which included cash of €13.8m.

The pre-tax profit last year takes account of non-cash depreciation costs of €7.32m.

Group chief executive Mark Whittaker yesterday reported that revenues in its car dealership have increased by 52% in 2014, with new vehicle sales running about twice the national average.

Commenting on 2013, Mr Whittaker said: “We were very pleased with the financial performance of the group for 2013 which built on the progress already made in 2012.

“We are now confident that we have achieved long-term sustainable profitability and that we continue to strengthen our balance sheet and protect our cash reserves.

“2013 saw the acquisition of the business of Walden Leasing and Fleet Management Ltd and this helped our Fleet Management division to achieve excellent results for the year.”

Mr Whittaker added: “In October 2013, we completed a strategic plan for the organisation for the years to 2016 and this lays out ambitious targets for improvement in our core skills and in the scale of the group. We are now fully focused on delivering on these targets.”

He said the appointment of George Mills as managing director of motor dealerships and the work he has undertaken has resulted in considerable improvement in the results being achieved.

The figures show that directors’ remuneration last year totalled €283,935, while the numbers employed by the group reduced from 144 to 103.

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