Profits at Joe Duffy jump by close to 60%
Motor retailer says its financial performance was ‘extremely encouraging’
The Joe Duffy group has 14 dealerships across the State representing 15 brands
Profit at one of Ireland’s largest motor retailers jumped by close to 60 per cent last year as economic recovery and new franchises saw sales rise strongly.
Directors at Joe Duffy Motors said the company’s financial performance was “extremely encouraging”, and they remained confident about the prospects for the group this year and into the future.
“The 2015 financial year has been strong, with the results exceeding our budget and the previous year’s performance,” directors Gavin Hydes and Roger McGreal said in a report published with the results.
The group reported a 43 per cent rise in turnover to €240.6 million, well ahead of company projections for sales of around €220 million. The business now expects sales to top €300 million this year.
Pretax profit of €7.42 million was 58 per cent ahead of the €4.7 million recorded in 2014, and marked the sixth successive year of profit growth following the financial crash which severely affected the motor sales sector.
It said earlier this year it was investing €20 million in its dealer network over the next three years.
The company employed 336 on average in 2015, according to the figures filed with Companies Office, including 92 sales staff and 164 employees in servicing. The balance work in administration. The figure represents an increase of 68 on staff numbers in 2014.
Subsequent to the year-end, the company said staff numbers had risen to 410.
Staff costs, including directors’ remuneration, was up 34 per cent at €13.8 million. The six directors shared remuneration of €825,231, 27 per cent ahead of the previous year. A dividend of €360,000 was paid, up fractionally on the previous year.
“We plan to continue our current growth strategy of providing a diversified franchise base that covers both volume and premium brand manufacturer partners,” the company said.