Perrys Group recovered its mojo in 2024 with pre-tax profits up 37% to £2.6m on turnover down 3.2% to £768m.
Overall, gross profit increased by 3.8% to £93.3m, while operating profit increased from £5.2m in 2023 to £6.1m in 2024. The results were set against a particularly challenging 2023.
It said the new car market proved difficult, particularly for Ford and Vauxhall vehicles. Payroll costs came under pressure during the year, but the group reduced costs in utilities.
Darren Ardron, managing director of Perrys, said: “Overall, we were pleased with the results for 2024.
“The first half was good. Volumes and margins held up and the group achieved a very strong aftersales result, despite the headwinds that the wider industry experienced. Q3 saw more pressure on new retail units and the fall in used car values added further pressure to margins.
During the year, Perrys added Omoda and Jaecoo franchises to its portfolio and adopted more multi- franchising on sites to boost aftersales business.
It said it had made a strong start to 2025, trading ahead of budget through March, despite high stocking costs adversely impacting commercial vehicle profitability.
Used vehicle margins were improving, despite ongoing supply challenges and aftersales continues to perform well, with growth in retail hours sold and recovery rates.
