Acquisitive motor group drives up revenues by £60m
An acquisitive Doncaster-headquartered motor group has seen its turnover increase £60m in a year, with pre-tax profits topping £10m.
Today publishing annual accounts for the year-ended 29 April 2018, Stoneacre said that its revenues had risen to £786m, up from £721m in the previous year. Pre-tax profits rose from £7.8m to £10.5m.
Stoneacre said that the group, which now has 46 locations across England and Wales, could attribute £50m of revenue growth to its Doncaster Parts Distribution Centre, where there had been significant investment.
The firm’s most recent acquisition completed in September 2018, when Stoneacre snapped up Mill Garages North East. In January, Stoneacre bought the Chris Variava dealership in Nottingham. In February, the group purchased Burrows Hyundai in Sheffield and Platts Stafford.
The firm said: “During the period we have continued with the process of integrating acquired businesses into the Stoneacre Group and have achieved our target of ensuring that all new locations become earnings enhancing within their first full twelve months of operation.
“We have also completed the refurbishment of several dealerships to ensure compliance with current manufacturer corporate standards.
Stoneacre also has 11 Accident Repair Centres, which saw a 5% growth in revenue. The firm has also submitted plans for ‘Repair Cubes’ at its Chesterfield and Derby facilities. Its car auction centre, based in Newark, increased turnover by 24% with the number of vehicles increasing from 19,195 to 21,354 – and Stoneacre said further growth in this marketplace was anticipated.
The firm’s academy has enrolled 425 learners in the last three years and created 325 apprenticeship positions.
Stoneacre said: “Despite a challenging political and economic environment, particularly in respect of the future of diesel vehicles and negotiations surrounding Brexit, the Group continues to perform at record levels.
“The Group’s target of achieving £1bn turnover will be achieved in the 2020 financial year and further acquisitions are currently being considered.”
