Car supermarket group The Trade Centre Wales has posted results to year-end November 2016, with revenue up 37% to £106m.
The group recorded an operating profit increase of 53% to over £10m with return-on-sales up 9.3% from 8.5% in the previous year. The results include 5 months trading of the groups third Cardiff North which opened in July 2016.
Chairman, Mark Bailey, commented: “We are delighted to have broken through the £100m turnover barrier, these results only include our Wales based businesses and a part year for our third store. In 2017 we will add a full year of our Cardiff store and add again with our first Trade Centre UK outlet in Wednesbury”
Andy Coulthurst, CEO of The Trade centre Wales told us more “The opening in the West Midlands is a significant milestone for the business, Cardiff North allowed us to establish a successful blueprint for site opening and The Trade Centre UK business has almost doubled our turnover overnight. We recruited 90% of our customer facing team in the Midlands without any previous car dealership experience and they should be very proud of the results they are driving within that business”.
Andy Coulthurst also confirmed ambitious expansion plans:“Our UK roll-out will continue with further sites in both the West and East Midlands plus another site in Wales before the end of 2018. Our forecast sees us grow turnover to £250m for 2018 by which time we will have grown the team to 650”
Mark added “The Trade Centre UK store will act as the hub for more retail outlets in the Midlands region, we are incredibly impressed by the way the public has responded to our unique retail concept and the calibre of the staff that we have recruited to serve them. Our central operations remain in Wales and we are scaling up in all areas; including finance, training, group telesales and CanCan Car Finance continues to expand rapidly to meet growing demand”
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