Profits surge at Cork-based Johnson & Perrott to €8.7m as revenues top €135m
Gordon Deegan
Pre-tax profits at one of the largest motor dealerships in the country, the Cork-based family-owned motor retailer, Johnson & Perrott last year increased by 19 per cent to €8.7 million.
New accounts show that the Johnson & Perrot group recorded the increase in profits as revenues increased by 3 per cent from €130.84 million to €135.22 million.
The directors state that they are very pleased to report "a very satisfactory year for 2022 with each of the group's divisions reporting strong results for the financial year”.
They state that during the year "the strength of the balance sheet, the robust nature of the business model and the quality and commitment of our staff has enabled the Group to continue to prosper despite the many challenges during the year".
The business is operated through four dealership sites at Mahonpoint Retail Park, Douglas Road and Bishopstown, Cork.
The division represents ten car franchises - Cupra, Honda, Jaguar, Kia, Land Rover, Opel, MG, Peugeot, Seat and Volvo- and two commercial vehicle franchises, Opel and Peugeot as approved sales and after-sales dealers.
The business also operates a retail used vehicle outlet at the Bishopstown dealership, which trades under the brand name Motorstore.ie.
The directors state that for their motor dealership division "the supply of both new and used passenger vehicles continued to be impacted during 2022”.
They state that recent changes in import duties continues to lead to significant decline in the importation of vehicles from the United Kingdom and in addition, the supply of new vehicles was impacted by the shortage of microchips and other component shortages.
They state that these factors, combined to cause “a significant increase in both the demand for and value of used vehicle which had a positive impact on profitability. It is likely that the availability of new and used vehicles will continue to be an issue throughout 2023”.
The business -owned by the Whittaker family -has a proud history in transport here dating back to the coach building era in 1810.
The firm last year paid out dividends of €1.56 million and this followed a dividend payout of €742,500 in 2021.
The group recorded operating profits of €8.89 million and profits were reduced due to a combination of a €100,000 write down in investments and finance costs of €70,426.
Numbers employed increased from 190 to 199 as staff costs increased from €11.07 million to €11.7 million. Directors’ pay totalled €553,745.
The profits take account of non-cash depreciation costs of €15.95 million.
At the end of December last, the group’s accumulated profits totalled €81.7 million. The group’s cash funds increased from €2.33 million to €3.37 million.
