Welsh family business Day’s Motor Group saw its pre-tax profit soar threefold to nearly £24m last year.
In its accounts – posted as C.E.M. Day Ltd – for the year ended December 31, 2021 and newly published on the Companies House website, the dealership chain said its profit before tax went from £7.66m in 2020 to £23.72m in 2021 – a rise of 210 per cent.
Operating profit, meanwhile, rocketed by 155 per cent from £10.93m to £27.89m, reports Car Dealer magazine.
|Turnover at Day’s, which has 17 showrooms and used car supermarkets across Wales and south-west England as well as in Shrewsbury and Watford, went up by 32 per cent from £200.22m to £263.37m.||Day’s this year was appointed the Ineos Grenadier dealership for South Wales and will be selling the new 4×4 model from Neath showroom.|
The Car Dealer Top 100 company, which was established in 1926, represents Ford, Peugeot, Fiat and Ineos, as well as having an aftersales branch for Nissan plus used car supermarkets trading under the Motorpark banner.
Chairman Graham Day said in the accompanying group strategic report that its property portfolio played an important part in the business and it was looking to buy new premises if the opportunities arose, thanks to the group’s net assets increasing from £74.5m to £83m.
He added that the directors believed they had acted in good faith and made decisions that would most likely ensure success for the company and its beneficiaries.
However, Day warned that the main risk facing the group was the UK economy following the pandemic and Brexit, saying ‘the repercussions of both remain relatively unknown and the effect they will have on the demand for new and used vehicles’.
He said, “New vehicle technologies and government legislation in relation to emissions and environmental concerns will ensure that new vehicles will remain relevant in contributing to turnover.
‘However, to mitigate the economic risk, specifically the UK exiting the European Union and potential price increases, the group will look to capitalise on current consumer demands for used vehicles, while also focusing further on aftermarket services.”