Steven Eagell Group has said that it expects to be even ‘more profitable’ in 2020 after reporting a 14% pre tax profits rise in its 2019 annual financial results.
Customer retention measures, growth among its aftersales workforce and the addition of two Lexus and four Toyota dealerships from Vantage Motor Group would all contribute to accelerated performance in the period heavily-impacted by the COVID-19 pandemic, it said.
The group also opened a new Lexus used car showroom and aftersales facility in Kings Lynn last year.
Accounts for the year ending December 31, 2019, show that the Milton Keynes-based AM100 car retail group grew is turnover by 5%, to £448 million (2018: £426.7m), while achieving profit before tax of £9.8m (2018: £8.6m).
The Steven Eagell group’s EBITDA was calculated by dealer profitability experts ASE Global as being £12.6m, meanwhile.
ASE Global chairman, Mike Jones, said: “This is a strong set of results for Steven Eagell, with new acquisitions successfully integrated to produce an overall EBITDA for the year of £12.6m.”
In its annual financial results statement, the Steven Eagell board said it was “very pleased with this performance”, especially in light of the uncertainty surrounding Brexit during 2019/20.
The group hailed “a resilient performance”, with just a third of profits attributed to new car sales and the rest coming from aftersales and used car sales.
It said that a 2% drop in new car sales in 2019 was caused mainly by a drop in diesel purchases linked to WLTP supply restrictions, something that didn’t affect Steven Eagell since diesel passenger vehicles don’t feature in the Toyota and Lexus range.
Founded in 2002 with the help of financial backing from Toyota GB.
The group revealed in its latest financial statements that 2019 had seen the ownership of group real estate passed over to Steven Eagell Properties Ltd as Steven Eagell Holdings assumed 100% ownership of the group’s shareholdings.
AM featured the Steven Eagell Group on a car retailer face-fo-face insight feature back in 2016.
Since then it has continued on a growth trajectory, completing the acusition of Lookers' Hatfield Lexus and eight Toyota dealerships from Jardine Motors Group in a deal which also included a brace of Lexus sites, within six months of that interview.
The Steven Eagell Group continued to grow in 2020, following the acquisition of six dealerships from Vantage Motor Group (Toyota and Lexus, in Birmingham; Toyota Solihull; Toyota Tamworth; and Toyota and Lexus, in Wolverhampton).
The group now has 30 dealerships across 10 counties in England, said trading since reopening in June had been ‘buoyant’.