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Hartwell records modest increase in profits as it invests in property

Hartwell Ford Reading

Hartwell posted a 1.4% increase in profit-before tax to £3.2 million for its annual results following a year of property investment.

The 11-site group saw turnover increase by 2.3% to £230.3m for its annual results for the year ended November 30, 2022.

Gross profit performance dropped by 6.3% to £24.4m, while operating profit performance for the same period fell by 5.6% to £4.3m.

Hartwell undertook a significant change to its operating structure last year, which saw it purchase all of the sites from which it operates.

This represented a “significant investment” for the business, but as a result the individual sites are no longer liable to pay annual rent.

The group did not add any showrooms to the group last year and did not undertake any significant corporate identity upgrades across its locations.

In a statement to Companies House, the directors said: “We are continuing to focus on a digital transformation strategy that will enhance the customer experience, while at the same time increasing efficiency and control.

“A particular success of this strategy in this financial year has been the introduction of the Tjekvik self-service check-in booths for our service customers.”

A key focus for the next year is to expand the group’s multi-franchise used car sales operation at several of its larger existing locations.

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