South-east based car dealer Glyn Hopkin has announced a record 58% increase in year-on-year profits before tax, to £3,536,793.
This is from a turnover that rose 25.47% to £219,250,216 over the same period.
Between January 1 and June 30 this year, Glyn Hopkin dealerships sold over 8,300 new cars, representing an uplift of 19.81% compared to the same period last year.
This increase is almost three times greater than that reported by the rest of the UK motor retail sector, with the Society of Motor Manufacturers and Traders confirming an average increase of 7% in registrations for the first half 2015.
Aftersales turnover is up 23.03% to £19,983,575, and profit up 18.72% to £8,589,335.
Fraser Cohen (pictured), managing director of Glyn Hopkin, said, “Since Glyn Hopkin first started trading in 1993 the Group has always aimed to improve, year after year. We have exceeded our previous record from 2014 thanks to a sound business growth plan and consistent hard work from a creative team that constantly challenges itself to do even better.
“Our organic growth is fuelling our expansion into new territories and with new brands. Notably we have recently opened new a Nissan dealership in Bedford, a new Nissan, Fiat and Jeep dealership in Cambridge, and have also created a brand-new Renault-Dacia showroom in Chelmsford. We remain very ambitious and will push for further growth through the autumn and into 2016 and beyond.”
Turnover for the full year 2015 is estimated to exceed £400m, while Glyn Hopkin’s short-term goal is to reach a turnover of £0.5 billion within the next three years.
Glyn Hopkin’s first dealership, Nissan in Romford, opened in January 1993 and the group now has 35 showrooms across London and the South-East, representing 13 brands.