Evolution Warranties is lining up further acquisitions following its purchase of Auto Group last year.
The warranty provider reported sales revenue of £2,956,570 for the year to 31 August 2024 its first full year in business.
The group turned in losses of £310,300, reflecting the investments made to expand the business with new product offers and the acquisition of The Auto Group.
It said the performance came against a backdrop of difficult trading conditions for used car dealers in the UK. With The Auto Group acquisition, it now says it has a network of 1,600 dealers using its products.
CEO Gerry Loughran said: “We are delighted with these results underline just how strong our business is and what an encouraging future we have with more acquisitions already in play.
“It is a testament to our fantastic team of Evo Warriors and our loyal dealer customers who have supported us since the beginning.”
The financial period from 6th March 2023 ending 31 August 2024 has been transformative for Evolution Warranties Limited.
“During this period, we continued to invest in our people, to expand our innovative product offerings, which include ‘The One’ a warranty product designed exclusively for car dealers, and the ‘Dealer Discretion Fund,’ enabling dealers to take control of their claims.
“Our strategy has always been to empower dealers and improve customer satisfaction, and this period was exceptional. We have researched our customers, and they love our products and services. To date we have had thousands of warranty claims and paid £ millions in claims to help get our customers back on the road.”
