OHM luxury car group see profits increase by 31%

Pre-tax profits at the group that imports and distributes luxury car brands, Jaguar and Land Rover, into Ireland last year increased by 31% to €2.98m.
OHM luxury car group see profits increase by 31%

The increase in profits came as revenues at Armalou Holdings Ltd soared by 37% from €80.6m to €110.3m in the 12 months to the end of last December.

Armalou is the holding firm for the OHM Group and profits and revenues at the group grew as sales of Jaguar and Rover increased sharply last year.

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

Figures from the Society of the Irish Motor Industry (SIMI) show that Jaguar sales last year increased 23.4% going from 154 to 190.

Sales of Jaguar in the current year total 261 for the first 10 months, an increase of 37% on the corresponding period in 2014.

The SIMI statistics show that the sales of Land Rover last year increased by 31% going from 409 to 532 with sales for the first 10 months of this year up by 33% to 707.

According to the directors’ report “the group has benefited from the recovery in the market and through acquisitions in the retail division”.

On the group’s plans, the directors state that they plan to continue to expand the company through strategic acquisitions and further growth in its current portfolio of brands.

Shareholder funds at the group last year increased from €7.5m to €10.1m. That included accumulated profits of €6.3m.

The group’s cash, last year, increased from €5.38m to €8.43m. Numbers employed at the group last year remained static at 104 with staff costs increasing from €5.32m to €6.06m.

Directors’ pay, including pension contributions for the two directors, Gabriel Hogan and Declan McCourt, last year increased from €530,201 to €580,371. The pension contributions amounted to €163,040.

The group’s profit takes account of non-cash depreciation costs totalled €228,035. Its cost of sales last year increased from €71.25m to €99.9m with administrative costs reducing from €4.8m to €5.7m.

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