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Tuesday, March 28, 2023

Stoneacre Motor Group earnings soar 63% in report annual monetary outcomes

Stoneacre Motor Group’s revenue earlier than tax soared by 63% to ship a report set of annual monetary outcomes for 2021/22.

The South Yorkshire-based AM100 automobile retail group’s pre-tax earnings rose from £24 million to £43m as turnover rose by 37% to £1.3bn within the yr to the top of April 2022.

Its report outcomes come 12 months on from a 2020/21 buying and selling interval through which its earnings rose by virtually 170% to £26.4m (2019/20: £9.8m).

Stoneacre managing director Shaun Foweather Stoneacre managing director Shaun Foweather mentioned: “On behalf of the board, I wish to thank our wonderful group who’ve labored tirelessly to ship such a unbelievable efficiency which is as a result of energy of our individuals tradition, multi-faceted gross sales channels, in home operations and supportive franchise companions.”

An announcement issued by the enterprise, which operates 144 franchised areas at 83 websites, mentioned that its 2021/22 operational efficiency had delivered important like for like progress in all departments.

It reported that new and used automobile gross sales had elevated 17% to 60,000 models, regardless of new and used automobile provide shortages, whereas its aftersales enterprise grew 21% to £110m.

The Commerce Components Specific enterprise – developed by the acquisition of a 65,100sq-ft warehouse facility in Doncaster in January 2021 – additionally helped to help OEM distribution networks with revenues now in extra of £50 million, it mentioned.

Stoneacre’s outcomes assertion added: “With very low gearing, working capital in extra of £54m and web belongings of over £170m the corporate is nicely positioned to face the challenges forward and help additional progress ought to appropriate alternatives come up which strengthen the Stoneacre portfolio.

“We proceed to concentrate on our individuals with good work/life steadiness advantages and wonderful profession prospects.

“We at the moment are in our seventh yr with the Stoneacre Coaching Academy which trains our groups and assists in creating our ongoing administration group.

“Our continued funding within the Academy has resulted in 96% of apprentices being absolutely employed in a ‘Profession for Life’ with many having progressed to administration positions.”

Stoneacre's new Renault and Dacia car dealership in BlackburnThrough the 2021/22 buying and selling interval Stoneacre elevated its Toyota, Lexus and Renault/Dacia illustration with the June 2021 takeover of RMB Motor Group, finishing the acquisition of Jardine Motors Group’s Toyota dealerships in Durham and Sunderland two months later.

In the meantime, its Stoneacre Academy coaching facility was awarded an impressive score by Ofsted.

The group mentioned this week that it stays acquisitive and would focus on any franchise alternative with both seller teams, proprietor drivers, stakeholders, current or potential franchise companions.

Franchise and improvement director Philip S Wade will be contacted through 0776 7331 332 or philip.wade@stoneacre.co.uk.

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