Recovery drives strong growth in Jaguar and Land Rover sales
Irish distributor Armalou Holdings had profit after tax of €6.34 million last year
Armalou sold 1,167 Land Rovers in the Republic last year. Photograph: Reuters
The company behind the Jaguar and Land Rover brands in Ireland has recorded a sharp increase in turnover as it “benefited from the recovery in the market and through acquisitions in its retail division”.
Recently filed accounts for Armalou Holdings – which, aside from importing and distributing Jaguar and Land Rover vehicles, sells Volvos, Fords and Skodas – show that turnover jumped by 36.5 per cent to over €214 million last year.
Growth in sales for both of the company’s anchor brands helped to drive an operating profit increase of 11.2 per cent to €7.5 million. Sales of new Jaguar vehicles in 2016 more than doubled to 556, while Land Rover recorded a 51 per cent jump in sales to 1,167 vehicles.
Profit after tax for the company, which also owns the Spirit Motor Group, was €6.34 million as it closed the year with €10.19 million in cash at the bank and in hand.
Armalou employed 183 people last year, up by 40 on the previous year, and saw wage and salary costs rise by 59 per cent to €11.3 million.
The company’s listed directors include Gabriel Hogan and Declan McCourt. Mr McCourt is a former director of Fyffes and a former non-executive director of Bank of Ireland. Remuneration for the directors increased last year to €871,867, up from €533,414 the previous year.
In terms of future developments, Armalou plans to continue to expand the company “through strategic acquisitions” and growth of its “current portfolio of brands”.