Hendy Group grows income by 58% in ‘turbulent’ 2021 buying and selling interval

Hendy Group’s annual monetary outcomes for 2021 present that the automotive retail group delivered a 58.1% uplift in pre-tax income and 27.2% turnover progress in a “turbulent” local weather for automotive retail.

The South Coast AM100 automotive retail group reported a revenue earlier than tax of £17.56m (2020: £11.1m) alongside a turnover of £931.5m (2020: £732.8m) within the interval to December 31, 2021, in outcomes printed on Corporations Home this week.

The retail group described the efficiency as “an ideal outcome achieved in turbulent market situations brought on by the COVID-19 pandemic”.

Hendy mentioned that it had been capable of hold its losses to a “low degree” in Q1 2021 – putting lots of its workers on versatile furlough – and managed to ship 60% of its regular gross sales volumes regardless of showroom closures enforced by COVID-19 lockdown guidelines.

The buying and selling interval included a full yr of buying and selling for the previous Inchcape Jaguar Land Rover (JLR) Arch Concept premium car dealership in Southampton which Hendy acquired for £29.7m in late 2020.

Final yr additionally noticed Hendy get rid of its Suzuki dealership in Havant to Richmond Motor Group in March, add a brand new Lotus Cars dealership in Exeter and a Karzoom automobile rental service, later turning into the first retailer to offer a subscription service via the partnership.

Throughout 2022, nonetheless, Hendy has accelerated developments of its franchised dealership and property portfolios nonetheless additional with plans to unite the Renault and Nissan brands at a new-build showroom facility in Eastleigh, close to Southampton.

The group additionally just lately revealed that it was including the Maserati franchise.

The opening of a Maserati car dealership at its Hendy Sports Cars Centre on the A350 West Quay Street, Poole, on December 1, means the group now represents 21 automotive manufacturers within the UK from 65 places within the south and southwest.

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