PSA Group’s first full year results since its acquisition of Opel Vauxhall show a €1.7 billion (£1.46bn) increase in recurring operating profit.
In 2018 Opel Vauxhall achieved a €1bn upswing from loss-making to €859m operating profit, as the division continues to progress under its PACE! turnaround plan.
Total group revenues rose by €11.8bn to €74bn. Opel Vauxhall accounted for €18.3bn of this, while the Peugeot Citroen and DS division accounted for €43bn, a 5.7% rise year-on-year.
The group recurring operating margin improved to 7.7% from 6.4% in 2017.
The report shows that at the end of 2018 there had been an overall reduction in global new vehicle inventory for Opel Vauxhall from 227,000 to 195,000 units, although levels in its dealer networks have risen by 13,000 units to 142,000.
Across the Peugeot Citroen and DS division, inventory had risen by 40,000 units, with the dealer networks taking two thirds of this increase.
Carlos Tavares, PSA Group management board chairman, said: “Peugeot Citroën DS has made significant progress for the 5th year in a row and is closing the first phase of the Push to Pass strategic plan with outstanding results. This demonstrates the ability of our group to deliver a profitable and recurring growth.
“Opel Vauxhall has laid the foundations for a sustainable future with PACE! Plan and are eager to unleash further potential.
“We are now entering in the second phase of the Push to Pass plan with confidence in a context of even stronger headwinds. No doubt that our agile, customer focused and socially responsible approach will make the difference.”