Waylands Automotive posts 15% profit performance boost in 2022

Waylands Automotive has posted a 15% increase in profit before tax to £3.1 million on revenues that increased by 35.2% to £168.4m in 2022.

The group represents Volvo, Kia and MG with dealerships in Reading, Newbury, Swindon, Oxford and Bristol. It also acts as an agent for Polestar in Bristol.

The growing group posted its latest accounts for the year ended December 31, 2022 to Companies House, which shows that pre-tax profits on a like for like basis were down -14.2% to £2.3m on turnover down -2.7% to £94m.

New car volumes increased from 1,724 to 1,807 and new car gross profits increased by 23% to £5.4m.

Used car volumes increased from 1,904 to 2,333 and used car gross profits £6m to £6.2m.

Aftersales revenues increased by 37.3% from £11m to £15.1m, with gross profit up from £6.2m to £8.2m.

Waylands' statement said this is the fifth consecutive year of sales and new profit growth despite "significant cost headwinds and ongoing supply disruption".

The company, led by chief executive John O’Hanlon, stated that the performance of the group has performed “significantly ahead of expectations” in Q1 2023 and the leadership team are predicting good levels of profitability for the remainder of this year.

O’Hanlon said: “The group’s vision is to be regarded as the best UK automotive group by its peers, colleagues and partners by setting out to build a regional business of scale.”

Waylands acquired Kia Bicester and MG Newbury to further cement the business’ partnerships with both brands and is expecting to expand the group even further instances where new locations “align with the group’s strategy and territories”.

The group has continued investment in its infrastructure and facilities as it finalised its Volvo Retail Experience (VRE) programme, which saw £9m invested across five locations. Investment will now be focussed on Kia, with both of its locations recieving full refurbishments this year.

By June 2024, every Wayland business will have recieved refurbishment within the last four years.

O'Hanlon told AM earlier this year that the group is "unashamedly spending a lot on property".

He said: "I think you can demonstrate that if you make investments in the right places you can get the return and that’s what we’re working really hard on.”