Family-run Dick Lovett has posted a pre-tax profit of £47.7 million and turnover of nearly £770m in what was a record year for the business.

The South West-based group’s latest accounts for the year ended December 31, 2022, submitted to Companies House, show pre-tax profits have risen considerably from the £24.4m performance in 2021.

Turnover increased by 17% from £659m last year and operating profit increased from £25m to £48m over the same period.

This jump in profits can be partially attributed to the sale of Dick Lovett’s BMW and Mini site in Bath, following that dealership's relocation to a new purpose-built Melksham site.

The business said that while all the premium brands it represents performed well to help deliver the results, BMW, Mini, Porsche and Ferrari had a particularly “outstanding year, with record profits”.

Dick Lovett represents BMW, Mini, Porsche, Aston Martin, Ferrari, Jaguar, Land Rover and BMW Motorrad at locations in Bristol, Hungerford, Melksham, Swindon, Cardiff and Tewkesbury.

It also runs its own supercar and prestige specialist cars business.

The directors at the business made a joint statement as part of the results and said that while the group delivered a record performance, the year was not without its challenges.

This included constrained supply of new cars, unpredictable and increasing interest rates, as well as resource and a reducing pool of talent in the labour market.

Dick Lovett is already planning a significant investment in a new flagship Porsche dealership in Newport and will be redesigning its BMW Hungerford location this year.

A new Bristol service centre is also planned this year to allow the future rebuild of Porsche Bristol and the later refrubishment of BMW Bristol.

The group's also expects that Porsche Swindon and Porsche Tewkesbury will need to be extended and expanded to meet future demand.

The company said: "The company will continue to evaluate other opportunities that the directors feel will add value to the group".