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Sytner reports record profits, warns of drop in post-Brexit consumer confidence

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Sytner Group has released its latest financial results, revealing an increase in revenue and profits at record levels.

In the accounts to December 31, 2015, turnover rose to £4.23 billion compared to £3.66bn a year earlier.

Pre-tax profit was at £94.2 million, up from £81.1m in 2014 and an increase of 16%.

A statement in the accounts said the results were "very strong", resulting in a “record annual profit before tax in the company’s history”. And the “vast majority of this exceptional year on year growth in revenue and profitability was generated on a same store basis”.

Looking to the future and in particular the trading environment in a post-Brexit UK, the group said: “The effect of Brexit will depend on any agreements the UK makes to retain access to EU markets either during a transitional period or more permanently.

“The UK is the second largest market for new vehicles in the current EU and consequently a large number of continental European jobs are dependent on this ongoing grade with the UK, and consequently we believe our manufacturer partners are likely to be keen to support UK motor retailers, should there be any period of uncertain trading.

“It is possible consumer confidence in the UK may reduce as a consequence of the uncertainty from the Brexit vote.

“That said, the group has not noticed any significant change in customer behaviours, in terms of new and used order take, since the result of the Brexit vote was announced.”

During 2015 Sytner opened a new business Graypaul Classic Cars, in Nottingham, which had so far exceeded directors’ expectations.

This year the group has disposed of two Honda dealerships in Redhill and Gatwick, and acquired Jaguar Bristol. 



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Comments

  • David - 24/10/2016 16:51

    The main point to take from this announcement is clearly... there has been no change in customer behaviour and secondly, one of the largest companies in the sector continues to invest, create jobs and flourish in both the pre, and post referendum economy. ...unless of course you're a morally corrupt, journalistically weak rag like AM Online, desperately clinging to a failed agenda i.e. project fear... in my opinion.

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