Jaguar importer sees profit of €6.6m

Pre-tax profits at the group that imports and distributes luxury car brands, Jaguar and Land Rover more than doubled to €6.65m last year.

Jaguar importer sees profit of €6.6m

The sharp increase in profits came as revenues at Armalou Holdings Ltd soared 44% from €109.98m to €157.39m.

Armalou is the holding firm for the OHM Group.

Its increase in profits and revenues came as sales of Jaguar and Rover increased sharply last year.

The group is also involved in selling Volvo, Ford, and Skoda motors.

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 soared 41% last year, going from 190 vehicles to 268 vehicles.

Sales of Jaguar in the current year totalled 554 vehicles for the first 10 months, marking an increase of 112% on 2014.

The SIMI statistics show that the sales of Land Rover last year increased by 45%, going from 722 vehicles to 1,043 vehicles.

Meanwhile, sales for the first 10 months of 2016 were up by 77% to 1,714 vehicles.

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

The group has come back from plunging sales experienced during the recession, when sales of only €40.8m were recorded in 2010.

On the group’s future, the directors said they plan to continue to expand the company through what they call strategic acquisitions and by further expanding “its current portfolio of brands”.

Including accumulated profits of €12m, shareholder funds at the group last year increased from €10m to €15.89m. The group’s cashpile increased from €8.43m to €10.5m.

Numbers employed at the group last year increased from 104 to 157.

Staff costs last year rose from €6m to €7.15m.

The figures show that there were 126 staff involved in sales, 29 people working in administration and two were directors.

The group’s profit takes account of non-cash depreciation costs of €319,070.

The group’s cost of sales last year increased from €99.9m to €141.18m.

Administrative costs rose from €5.7m to €6.8m.

After paying corporation tax of €839,287, the group posted net profits of €5.8m.

On risks facing the group, the directors say that any increases in interest payments and inflation and increases in VRT rates could have adverse effects.

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