Fast-expanding Motordepot has revealed a 35% increase in turnover and 16% growth in pre-tax profits in a financial period which saw the independent retailer open three used car supermarkets.
Hessle-based Motordepot delivered £199.8 million in revenues and £8 million in pre-tax profits during the 12 months to August 31, 2018, and owner Philip Wilkinson said that he expected “trade to continue to grow with the expansion of the company”.
In 2015, the group’s turnover stood at £77 million.
Motordepot now has sites in Barnsley, Birmingham, Grimsby, Hull, Hessle, Newcastle, Scunthorpe, Sheffield, Stoke, Preston and Worksop and opened three of the new car retail locations during the reported period.
Commenting on the group’s financial performance in his results statement, Wilkinson said: “The company continues to trade profitably in the very competitive motor trade.
“The directors consider the results for the year to be good – they expect trade to continue to grow with the expansion of the company.
“The major risks facing the company are in respect of the decline in the national economy leading to a drop in demand for cars.”
Used car sales at Motordepot were up by 34% year-on-year during the period to August 31 last year and the group has continued its expansion plans following its financial year-end.
The company also opened a new PDI centre capable of holding around 500 cars, in Goole, last September. The facility includes an on-site paint facility and 30-bay valeting area.
In August last year AM reported that Motordepot was preparing to complete a programme of growth which would double the the size of its UK network in just 12 months with the opening of a new car supermarket in Stoke.
The new site was the fifth new site to be acquired by the group within 12 months.
It has now completed that process, with the opening of a three-acre site, located on Handsworth Road, Sheffield, following its successful openings in Worksop, Newcastle and Barnsley.