Stoneacre profits took a hit in 2024 as the group grappled with a tough used car market with values on the slide. Pre-tax profits fell 23.5% to £24.4m on turnover up 2.5% to of £1.039bn.
In the year to April 2024, the group sold 26,601 new retail units, an increase on the 24,581 sold in the prior year while used car sales were 31,395 compared to 31,532 last time.
Stoneacre said that new vehicle supply had returned to pre-pandemic levels and gross margins had increased by 8%.
On the used car front, sales were static and margins fell by 11.8% in the year due to the price falls experienced by all dealers in the final quarter of 2023.
Service revenues rose 5% but margins fell due to higher labour and courtesy car costs.
The company said its seven-day working shift system was successful since it was introduced a year ago and it is rolling it out where appropriate.
The bodyshop operation increased turnover by 8.1% while net profit rose 44.6% due to investment in technology, efficiency initiatives and new contracts.
It also expanded its Trade Parts Express (TPX) business with new outlets in Blackburn, Cleckheaton and York.
Its auction business sold 31,082 vehicles in the period compared to 29,271 in the prior year.
Stoneacre has expanded its training academy with an additional training centre in Doncaster and an EV and FGas centre in Thorne.
Stoneacre now operates from 64 locations in England and Wales and has 148 franchise sales points representing 26 carmakers.
