Leicester-based Sytner Group has reported a pre-tax profit rise of 29% for the first half of the financial year.
Pre-tax profits rose to £5.5m on turnover up 17% to £318.7m. New car gross profit grew by 15% to £15.7m, used car gross profit 27% to £10.9m and aftersales 16% to £19.3m
While cautious about the longterm effects of the September 11 terrorist attacks in the US, chairman Frank Sytner said current trading “continues to be pleasing”.
Sytner also announced the acquisition of two new dealerships. It paid £1.2m in cash for Ron Stratton Land Rover and Ron Stratton Bentley. For the last financial year the dealerships made an adjusted profit of £150,000. The businesses have £200,000 of net assets. Both are in Knutsford, south of Manchester. The Ron Stratton site is the first Bentley outlet in the Sytner portfolio.
Laurence Vaughan, Sytner chief executive, said: "We are aiming to position ourselves as the number one choice for prestige cars throughout the country. These two acquisitions are important steps in our growth plans. The Manchester region is a key market. It generates a significant proportion of the UK sales of luxury and sports cars. We already hold the Chrysler Jeep franchise for Greater Manchester and with this acquisition we are achieving critical mass."