Swansway Motor Group announces a 2024 pre-tax profit of £7.7 million.
Swansway Motor Group, which represents CUPRA, Honda, Motor Match, SEAT, Volkswagen and Volkswagen Commercial Vehicles in Greater Manchester has reported its annual financial results for 2024, which resulted in a pre-tax profit of £7.7 million.
The family owned and run motor group saw a turnover of £986 million, a 5% increase on 2023’s turnover, an EBITDA (earnings before interest tax and depreciation amortization) of £19 million, and a gross profit of £53 million.
Non-stakeholder borrowings decreased from £14 million to £10 million in 2024, aligning with the group’s strategy to reduce the interest burden on the business going forward.
Swansway Motor Group director Peter Smyth commented on the performance:
“2024 was the first "normal" year post-COVID and our result was more than satisfactory if you compare it to 2019 when interest rates were significantly lower.
The vast majority of the franchises we hold are within the Volkswagen Group and 2024 was particularly difficult for the Audi brand where Swansway significantly outperformed its peers.
The most pleasing result came in used cars, where we achieved a like for like increase in sales to 18,218 vehicles from 15,603; a 16.8% increase.
We have worked tirelessly to keep our aged used stock to a minimum and achieved an industry leading 14 times stock turn. The auditor commented at the sign off meeting that they had never seen a case where all the cars that were overage at year end were sold by 31st January of the following year.”
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Image Caption: Swansway Motor Group Chairman and Directors (left to right): Peter Smyth, David Smyth, Michael Smyth, and John Smyth