After some consolidation or break-ups of a few major groups, the AM100 also has four new entrants this time. See the report for details.
Motorpoint has been cutting jobs, reducing stock purchase costs and halting its expansion plans as it fights to stem financial losses which the national car supermarket chain blames on difficult macroeconomic conditions.
Vertu Motors sold more than 95,000 new and used vehicles in the six months to August 31 2023 - an 11% uplift.
Pendragon, the owner of the Stratstone, Evans Halshaw and Car Store brands, has delivered a positive set of trading results revealing pre-tax profits rising 10.6% to £36.4 million in the six months to June 30.
Greater choice in terms of new electric vehicles (EV) entering the marketplace is forcing carmakers to cut prices and offer cheaper finance, according to industry heavyweight Vertu Motors.
The AM100's third-largest car dealer group, Lookers, has revealed its first half 2023 trading secured 8% higher revenues year-on-year as it prepares for shareholders to decide whether to back a £504m takeover bid by Global Auto Holdings.
The used car supermarket chain Big Motoring World has driven annual income past its pre-pandemic levels, recording £10,953,122 pre-tax profit in its recently published accounts for 2022.
Investors in online car dealer Cazoo are still having to wait for share price growth despite its announcement this month that its gross profit on every car sold is almost four times higher than it was achieving during the first half of 2022.
The leadership team at Eastern Western Motor Group has praised its workforce for delivering a resilient financial result in 2022 despite economic issues and shortages of vehicle supply.
Car supermarket chain Motorpoint suffered a swing from £21.5m profits in its 2022 financial year to a £300,000 loss in its 2023 financial year, as it was hit by rising financing costs, stock shortages, depreciating electric vehicles and rising investment requirements.
Caffyns, the AM car dealer group based in East Sussex, has blamed a 30% decline in profits on to inflation and higher business rates in its latest financial year.
Vertu Motors’ continued strategy to scale the group has delivered £4bn in revenues for the first time as the business reported better than expected profits.
Waylands Automotive has posted a 15% increase in profit before tax performance of £3.1 million on revenues that increased by 35.2% to £168.4m in 2022.
Used car retailer Cazoo reported a 690% year-on-year growth of gross profit per unit and overall gross profits up 367% to £14 million in Q1 as its CEO asserted that its sweeping restructure was starting to “bear fruit”.
An acceleration of new vehicle, parts and service revenues has propelled Group 1 Automotive to a record set of Q1 financial results.
Swansway Group director Peter Smyth has asserted that the car retail business is on a “strong financial footing” after 2022 financial results revealed declining profits.
Pendragon’s board expects the AM100 car retail PLC to “comfortably outperform” its previous expectations for 2023 after delivering a 23% rise in underlying pre-tax profits during Q1.
Lookers chief executive Mark Raban has said that he is “delighted” with the car retail group’s 2022 financial results performance in light of the “supply disruption, inflation and rising interest rates” experienced in the period.
Cazoo founder Alex Chesterman said he was “incredibly proud of everything the team at Cazoo has achieved” in a financial results statement that revealed the online used car retailer’s £704 million losses for 2022.
The £57.6m underlying pre-tax profit that Pendragon made in 2022 has exceeded expectations, despite being a 30.6% drop on 2021's £83m earnings.
