AM Online

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.

Automotive Management Live 2023







The UK's leading event for motor retailers - Thursday November 9, 2023.

‚ÄčAutomotive Management Live 2023 welcomes motor retail managers from across the UK to discover business improvements, to understand best practice and to network with fellow dealers and suppliers.

Topics this year will include agency business models, the brands now entering the UK new car market, used car stock management and more. It's free to attend, but you'll need to register.

Venue: NEC, Birmingham


If you are not a registered user your comment will go to AM for approval before publishing. To avoid this requirement please register or login.

Login to comment


No comments have been made yet.