Group 1’s UK business turned in a record performance in the first quarter of 2015 with gross profits up 109.6% to $217m (£163m) on turnover ahead 92% to $1.58bn.
The big increases reflect the group’s purchase of Inchcape Retail in the third quarter of 2024 added 54 dealerships in the UK, doubling its size.
It also added five dealerships through transactions completed in the fourth quarter of 2024 and the current quarter.
The group continues with its previously reported restructuring plan. Job cuts, site closures and systems integration saw $11.1m in restructuring charges in the current quarter.
Daryl Kenningham, Group 1 president and CEO said its “operational excellence” was on display in the UK.
“We are focused on optimizing our UK portfolio, adding one Lexus and three Toyota dealerships and closing three sites during the current quarter.
“Our UK team is making progress on effective cost management and will continue to explore ways to refine our cost structure.”
During the current quarter, the Company acquired a business involving one Lexus and three Toyota dealerships located in the U.K. This acquisition is expected to generate approximately $100m in annual revenues.
During the quarter it shut two Volkswagen dealerships in the UK. These dealerships generated approximately $150m in annual revenues.
