Land Rover and Jaguar distributor's profits decline 26%
PRETAX PROFITS at the group that distributes Jaguar and Land Rover vehicles in Ireland last year dipped by 26 per cent to €371,735.
The decrease in profits came in spite of revenues at Armalou Holdings Ltd increasing by 16 per cent from €40.8 million to €47.3 million in the 12 months to the end of December last.
Along with distribution the Jaguar and Land Rover brands, it operates the Spirit Motor Group at Sandyford Business Park in Dublin, where it sells Volvo cars along with its own brands.
Earlier this week it announced the addition of Ford to its retail portfolio. Spirit Ford, which employs 26 staff, will operate from the former Appleyard Motors premises opposite the Beacon complex in Sandyford, Dublin.
According to the director’s report: “As with many companies in the motor industry, the group experienced difficult trading conditions due to weak consumer sentiment, a lack of available consumer credit and a significant downturn in the Irish economy.”
According to figures from the Society of the Irish Motor Industry (SIMI), while the overall new car market in 2011 was 89,878, Land Rover sold just 438 new vehicles, while Jaguar sold 128.
This year, with the overall market down 12 per cent to the end of September, Land Rover sales had already reached 481 vehicles, while Jaguar has recorded sales of 196 cars.
The accounts for 2011 show Armalou Holdings Ltd operating profit last year reduced from €559,337 to €413,903. The figures show that the group’s shareholder funds last year stood at €4.6 million that includes €877,076 in accumulated profits. The filings show that the group’s cash last year reduced from €4.2 million to €4 million.
Last year’s profit takes account of non-cash depreciation costs of €171,845. The figures show that the group’s staff costs last year remained static at €3 million. Directors’ remuneration declined from €204,437 to €194,702.