Brakes applied to motor group’s sales and profits
Crewe-based Swansway Motor Group has seen the brakes applied to its turnover and pre-tax profits.
Announcing results for 2022, the family-run motor dealership revealed sales of £819m, which compares with £838m in 2021, while pre-tax profits of £22.3m were 11% lower than the previous year’s level, but still more than double the pre- tax profits achieved in 2020.
Despite the ongoing cost-of-living crisis, the group said it experienced high levels of consumer demand that translated into strong trading.
Directors said they are delighted with the results which saw an EBITDA of £29m and an £11m increase in shareholder funds to £66.4m.
In line with the group’s strategy, Swansway also saw a £3m reduction in borrowings.
Swansway Motor Group director, Peter Smyth, said: “Although the profits declined against our all-time high of 2021, I believe that our results outperform many of our peers in the sector.
“Looking ahead to the remainder of 2023 and beyond, we have already seen an encouraging performance in Q1 of this year, with results exceeding the predicted expectations, especially when considered against the backdrop of the cost-of-living crisis, a rise in inflation and interest rates.”
He added: “We have a strong financial footing, leaving us equipped to maximise opportunities and tackle challenges, whilst OEMs (original equipment manufacturers) consolidate and reorganise during their planned agency model introductions.”
