North-west-based motor group Swansway will proceed to deal with used automobile gross sales in future years because the trade strikes in direction of an company mannequin.
Posting income of £14.4 million for 2023 leading to a pre-tax revenue of £13.4 million, Swansway mentioned this was a powerful monetary end result, given components equivalent to the continuing cost-of-living disaster and elevated rates of interest.
“When reflecting on components inside the automotive trade, 2023 noticed an atmosphere the place automobile provide started to normalise, and the commerce started to wrestle with electrification,” its administrators mentioned.
The motor group noticed a turnover of £941 million, a 24% enhance on 2022’s turnover, an EBITDA (earnings earlier than curiosity tax and depreciation amortization) of £24 million, and a gross revenue of £54 million.
2023 noticed new automobile quantity rise to close pre-pandemic ranges, while used automobile gross sales elevated by 7% as a direct year-for-year comparability. The group mentioned it’ll proceed to deal with the used automobile space within the coming years because the trade strikes in direction of an company mannequin.
Non-stakeholder borrowings decreased from £17 million to £14 million in 2023, aligning with the group’s technique to cut back the curiosity burden on the enterprise going ahead.
Swansway Motor Group director Peter Smyth, commenting on the efficiency, mentioned: “While income declined when in comparison with 2022, we’re beginning to see the trade ‘normalise’. We’re on a powerful monetary footing with £68 million value of internet belongings, and we’re poised at brief discover to benefit from any alternatives that current themselves while the trade consolidates.”
Pictured: Swansway Motor Group’s Smyth household L-R: Peter Smyth, David Smyth, Michael Smyth and John Smyth