Profits jump 56% at Joe Duffy Motors
Car sales group expands with new premises in north Dublin
Turnover at Joe Duffy Motors Group was up by 7 per cent to €84.5 million
Joe Duffy Motors Group, one of Ireland’s largest car dealers, has reported a 56 per cent increase in operating profits to €1.54 million for last year, with turnover up by 7 per cent to €84.5 million.*
Accounts for JDM Automotive Ltd for 2012 show that despite a 12 per cent fall in the Irish new car market last year, the group continued to expand its presence, in terms of financial returns and physical presence.
Costs of sales rose to €77.6 million from €73.4 million the previous year, while administrative costs rose from €4.8 million to €5.4 million.
During the year the group completed its €10 million Audi North Dublin dealership, across the road from its BMW operation at Exit 5 on the M50. Overall staff numbers increased by 18 to 162 by the end of the year, while payroll costs were €5.4 million for the year. The directors’ report states: “The financial performance is extremely encouraging . . . Despite the national new car market continuing its downward trend in 2013, the group remain positive about the year and are forecasting a significant increase in the group’s turnover for 2013 to over €100 million.”
In December 2012 the group purchased McAlister’s Volkswagen Dealership in Airside Business Park in north Dublin for €425,000, involving the payment of €300,000 initially with the remaining €125,000 paid over the following 12 months.
Since then the business has further expanded, with the purchase of HB Dennis (Volvo and Land Rover) dealership, the takeover of the former premises of Terry Lily Commercials on the North Road, Dublin
and last month it bought the former Renault dealership in Airside, previously operated by Bill Cullen.
According to chief executive Gavin Hydes, plans are to bring a manufacturing partner to the Airside facility but the group is prepared to hold out on opening the facility if a deal does not materialise.
* A correction was made on 27/11/13 to enter a missing decimal point in the profit figure.