Pre-tax profits at luxury car firm double to €2.2m

Pre-tax profits at the group that imports and distributes luxury car brands, Jaguar and Land Rover into Ireland, more than doubled last year to €2.28m.

Pre-tax profits at luxury car firm double to €2.2m

The increase in profits came as revenues at Armalou Holdings Ltd increased by 32% from €60.89m to €80.3m in the 12 months to the end of December last.

Armalou is the holding firm for the OHM Group and profits and revenues at the group came in spite of sales of Jaguar and Land Rovers across the country declining sharply last year.

Figures from the Irish Motor Industry demonstrate that Land Rover sales last year declined by 18% from 501 to 409 with sales of Jaguar cars declining by 25% from 206 to 154. However, the sales of both brands have rebounded sharply this year with sales of Land Rover up by 31% for the first 10 months and sales of Jaguar cars up by 23%.

The group is also involved in the retail of Jaguar, Land Rover, Volvo, Ford and Skoda motors, while it also operates the Spirit Motor Group based in south Dublin.

The group added the Skoda brand to its portfolio in November of last year and the directors consider that the addition of that franchise will further strengthen the group’s position and ensure that the group remains profitable for the foreseeable future.

The group’s cash last year increased from €3.46m to €5.38m.

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