3 days ago
Dealer group Waylands turned in a 24.2% improvement in pre-tax profit last year, despite agency sales denting revenue.
Latest accounts published via Companies House show that the Berkshire-based business saw pre-tax profit rocket to £3.1m, and operating profit soar by 21.5% to £4.9m.
EBITDA for the Car Dealer Top 100-ranked firm came to £6.2m, up from £5.2m the year before, marking the sixth consecutive year for EBITDA growth.
Record sales of new and used cars drove the rise in profits, which were up by 13.4% to 8,665 units.
However, revenue slipped from £200m in 2023 to £198m due to Volvo’s switch to an agency sales model.
Last year was the first full reporting year for direct-to-consumer sales for Volvo, and with Waylands being one of the Swedish brand’s largest partners in the UK, turnover for the dealer group took a hit.
Aftersales revenue, meanwhile, saw a 20.5% uplift to £23.5m.
During the year, Waylands completed the acquisition of Volvo Gloucester, taking its Volvo portfolio to six sites. The accounts said that the dealership was ‘immediately earnings enhancing for 2024’.
The company also finished a major investment programme into all of its dealerships to make them into ‘premium retail locations’. The total investment came to £14.8m.
Waylands CEO John O’Hanlon, pictured, said: ‘We are delighted to report another year of growth against a backdrop of challenging trading conditions. The fact that we have continued to perform well is a testament to the strength of our brand partnerships, the hard work of the team, and the continued success of our strategy.’
He added: ‘We remain on track to achieve our strategic goal of 16,000 unit sales from acquisitive and like for like growth.’
Along with Volvo, Waylands represents Polestar, Kia and MG across the south of England, and employs 370 people across 12 locations.
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The post Waylands sees profits soar and record car sales but agency dents revenue appeared first on Car Dealer Magazine.
