Profits surge to €4.7m at Cork-based car firm Johnson & Perrott
This follows revenues at the group rising by 22.5%, from €63m to €77.2m.
The figures show that the Whitaker family, who own the business, last year received a dividend of €615,000, which followed a dividend payout of €410,000 in 2014.
The group operates seven car franchises in Cork, including Honda, Jaguar, Kia, Land Rover, Opel, Peugeot, and Volvo, as well as two commercial franchises, Opel and Peugeot.
Operating profits at the group last year increased by 37%, rising from €4m to €5.59m.
The group wrote down the value of non-investment land and buildings by €5.3m and wrote-up the value of investment properties by €4.8m.
Along with finance costs of €449,751, this resulted in the pre-tax profits of €4.68m.
After a corporation tax bill, the group had post-tax profits of €2.26m.
According to the directors’ report: “The continued improvement in the economic environment has led to a significant increase in activity across all parts of the group and this is reflected in a substantially higher turnover and profit before tax.”
The directors state that “both motor dealerships delivered a strongly improved performance in 2015, with increases in the sales of new vehicles ahead of the national average”.
“Fleet management division performed well during 2015 with a record number of new vehicles delivered being recorded.”
The directors state that the group “is committed to strong organic growth of this division during 2016” and that it will also examine acquisition opportunities.
Johnson & Perrott has plans to expand its motor dealership division and its commercial vehicle rental division.
The directors state that the group made substantial progress in managing the legacy car rental insurance programme, with the overall level of liability reducing significantly.
The directors say “it is likely that this programme will be substantially wound down by the end of 2016”.
Johnson & Perrott employed 105 last year, up from 98, with staff costs increasing from €4.5m to €5.1m. Directors’ remuneration last year totalled €475,250.
The profits last year take account of non-cash depreciation charges of €7.4m.
The group’s shareholder funds totalled €60.32m, which included €59m in accumulated profits. The group’s cash increased from €10.8m to €11.44m.
The operation of the Johnson & Perrott Ltd dates back 200 years to the coach-building era in 1810.
