Swansway Motor Group has reported profit of £14.4 million in its financial results for 2023, which following a goodwill amortisation of £1 million, resulted in a pre-tax profit of £13.4 million.
The financial result reflects strength despite the cost-of-living crisis and increased interest rates.
Peter Smyth, Swansway Motor Group director, said: “Whilst profits declined when compared to 2022, we are starting to see the industry ‘normalize’.
“We are on a strong financial footing with £68 million worth of net assets, and we are poised at short notice to make the most of any opportunities that present themselves whilst the industry consolidates”.
The motor group saw a turnover of £941 million, a 24% increase on 2022’s turnover, an EBITDA of £24 million, and a gross profit of £54 million.
Non-stakeholder borrowings declined from £17 million to £14 million in 2023 in line with the group’s strategy to reduce the interest burden on the business.
Swansway will be increasingly focused on the used car area in the coming years. In 2023, new car volume rose to near pre-pandemic levels and used car sales increased by 7%.
