Stoneacre Motor Group has reported that there is “ample opportunity for growth” after reporting a 28.5% increase in turnover and pre-tax profits up by 29.5% during its 2017 financial year.
The South Yorkshire-based group, which has targeted a £1 billion turnover by 2020, achieved a turnover of £721 million (2016: £561m) and pre-tax profit of £7.9 million (2016: £6.1m) in the reporting period to April 30, 2017.
And the business, whose acquisitions saw it expand with the Ford, Fiat and Jeep franchises during 2017, as well as adding Mitsubishi and Honda to its portfolio, continued to see opportunity in the year ahead.
It said in its accounts statement: “The continued consolidation of the UK franchised dealer network is providing ample opportunity for growth.
“The board of directors are currently considering several business opportunities with both existing and new manufacturer partners, which will ensure the continued expansion and success of the group.”
Stoneacre currently trades from 43 locations with 74 franchise sales points and added to its portfolio during 2016 and 2017.
The acquisition of a Lookers site in Sheffield saw the brand expand its prestige used car operations and the acquisition of Bristol Street Peugeot Chesterfield a month later – in February – came ahead of the acquisition of the business and assets of Gilder Group.
The Gilder Group acquisition, in June, saw Stoneacre add Honda and Mitsubishi businesses to its portfolio, along with a Honda franchise in Sheffield.
Redevelopment of the group’s Grimsby Kia dealership also got underway of 2017 – a project which will involve its full demolition and re-build – while Renault, Dacia and Volvo dealerships in Chesterfield are also being housed in new facilities.
Stoneacre’s aftersales operations reported 7.41% volume growth during the reported period, with a total of 407,000 labour hours sold with the support of the group’s own Customer Service Plans, which currently total 28,301 live plans.
The group has a target of realising an ambition of having 50,000 service plans by the end of its 2018 financial year.
Plans are also ongoing to speed-up the roll-out of a ‘Body Cube’ aftersales service being pioneered by the group.
The Cube concept was launched in Lincoln, promised a one-day turnaround rapid repair service, adding to services provided by the group’s network of 11 Accident Repair Centres, and its success will now see similar facilities introduced in Worksop, Wigan and Chesterfield.