Motor group more than doubles sales and profits, as momentum continues
Crewe-based based motor group Swansway has reported a 147% increase in pre-tax profits of £25.2m in its annual results for 2021.
This was driven by high levels of demand, despite national lockdowns and supply challenges due to semi-conductor chip shortages.
Directors said they are delighted with the results which saw turnover increase by 117.7%, from £712m in 2020 to £838m in 2021, a strengthening of the balance sheet with shareholders funds increasing to £55.4m, from £39.2m in 2020, and EBITDA rising from 17.6m to 31.7m.
Included in the annual results is a £314,000 Coronavirus Job Retention Scheme (CJRS) payment for 2021, which was also fully repaid back to the Government during the same financial year.
The group said the Motor Match division, its non-franchise used vehicle business, performed exceptionally well.
During the financial year an extra site was opened in Crewe, bringing the total number of outlets to six, and further investments were made to four of the five established sites.
This saw improvements made to showroom capacity and vehicle preparation facilities.
Director, Peter Smyth, said: “2021 was another challenging year, starting the year in another national lockdown provided its difficulties, but we were able to transact in a COVID-safe manner and it was encouraging to see that during this period the group experienced high levels of demand.”
Fellow director, John Smyth, said: “We also faced issues regarding stock supply due to shortages in semiconductor chips in 2021 and due to the current world situation, we expect similar challenges to continue into 2022.
“Despite this, we have had a positive start to 2022 and quarter one profits for 2022 are well ahead of our expectations.”
Swansway Motor Group has 23 dealerships and one accident repair centre from Birmingham in the Midland to Carlisle in the North.
It represents Volkswagen, Audi, Land Rover, Jaguar, SEAT, CUPRA, Peugeot, Honda and Volkswagen Commercial Vehicles, plus operates six Motor Match non-franchise locations.
The family dealer group was founded in 2003 by Michael Smyth and is now run by him and his three sons.
