Group 1’s US and UK operations turned in a strong performance in 2024 with turnover up 11.5% to $19.9bn (£16bn) and gross profit up 7.3% to $3.2bn.
In the UK turnover surged on the back of its acquisition of the Inchcape UK arm with turnover up 36% to $4.16bn.
The Inchcape deal added 54 dealerships to the group. The integration of Inchcape is taking place alongside a wider restructuring in the UK with job cuts, some site closures and the integrations of systems, including its dealer management systems (DMS).
The company put aside $16.7m restructuring costs recognised in the current quarter.
In October last year Group 1 acquired Soper of Lincoln’s Mini and Mini business which will add $125m to its revenues annually.
Daryl Kenningham, Group 1’s president and chief executive officer, said: “Our UK team is better positioned today than at any time in our history, with exceptional brand partners and a portfolio of dealerships that provide us geographic diversification across a broader UK market.
“Our ongoing restructuring actions to integrate Inchcape Retail stores which began in the fourth quarter of 2024 will ultimately position us to capture the full value of this acquisition.”
