Pre-tax profits at one of the biggest car dealer groups in the State, the Joe Duffy Group last year more than increased threefold to €29.76 million.
New consolidated accounts show that JDM Automotive Ltd last year enjoyed the 248 per cent increase in pre-tax profits from €8.55 million to €29.76 million as revenues rose by 35.5 per cent from €337.59 million to €457.32 million.
The motor retailer is celebrating 50 years in business this year and the directors state that “2021 was our 12th consecutive year of growth” and last year recorded earnings before interest, tax, depreciation and amortisation (EBITDA) of €33.9 million.
Currently, the group operates 23 dealerships and represents an extensive franchise portfolio including BMW, Audi, Mazda, Volkswagen, Ford, Land Rover, Jaguar, Volvo, Porsche, Lotus and Kia.
Employee numbers last year increased by 41 to 520 and staff costs increased by 11 per cent to €22.16 million.
The directors, which include chief executive and majority owner, Gavin Hydes, state that they believe they are in a strong position to continue developing the group.
At the end of December last, the group had shareholder funds of €63.59 million that included accumulated profits of €59.08 million and the directors state that “our strong balance sheet provides us with a solid platform to continue to expand the group”.
“However, we remain cautiously optimistic about the future and will maintain our prudent approach as we navigate the economic and consumer demand uncertainty.
The business has continued to expand in 2022 with the January purchase of CAB Motor Company Ltd. The group last year recorded post tax profits of €26.14 million after paying corporation tax of €3.6 million.
The group last year recorded other operating income of €2.56 million made up of Government Covid-19 grants of €1.788 million and manufacturer support income of €750,000.
