Bradford based, JCT600, has confirmed record revenues of £1.222 billion in 2016, 7% up on the previous year (2015: £1.145bn), but with margins down the group saw profits fall to £17.9m (2015: £20.7m).
The dealer group enjoyed increased revenue across new and used vehicle sales, as well as aftersales during 2016. JCT600 continued to invest in its 50 site network redevelopments taking place at Audi Lincoln, Bentley Leeds and Newcastle, Mazda Leeds, Volkswagen Hull, Rotherham and York, Volkswagen Commercial Vehicles Hull and Vauxhall Bradford. Also in 2016 work commenced at their Porsche Centre Teesside site, which is scheduled for a June 2017 opening.
Chief Executive John Tordoff commented: “Last year, the UK’s national new car market hit a record of 2.7m registrations which, on the face of it, suggests the industry is in rude health, however, a significant number of these vehicles were pre-registered by dealers in order to achieve manufacturer targets. With many of these vehicles subsequently being sold as used cars, this resulted in a significant downward pressure on both new and used vehicle profit margins.”
“However, with over 70 years’ experience in the industry, we are well-versed in the vagaries of the market and remain committed to providing great value and outstanding service which we know will keep our customers coming back to us.
Nigel Shaw, group finance director at JCT600, added: “Last year, many of our brands put in strong performances and, despite uncertainty in the UK economy in the aftermath of the Brexit vote, so far customer confidence remains strong. As a well-established business with a strong reputation and a loyal customer base, we are looking forward to further growth.”
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