Snows Motor Group is celebrating document monetary ends in its 60th anniversary year after greater than doubling its return on gross sales and rising pre-tax earnings by 183% in 2021.
Monetary outcomes revealed by way of Firms Home this week present that revenue earlier than tax swelled from £2.7 million in COVID-hit 2020 buying and selling to £7.6m because the Southampton-based automobile retail group’s turnover rose 30.5%, from £372.8m to £486.4m within the interval to December 31, 2021.
The end result got here as RoS grew from 0.7% to 1.6% forward of the group’s sixtieth anniversary celebrations in 2022.
Throughout the interval, the group acquired a Peugeot dealership from Hamble Motors in a transfer that, it stated, delivered contiguous illustration with the Stellantis-owned model.
Commenting on the time, group chief working officer, Neil McCue, stated: “This thrilling acquisition offers us actual advantages of scale throughout six places and three counties – Berkshire, Hampshire and West Sussex – which may solely be of profit to our clients.”
Regardless of the enlargement of its operations in 2021, Snows annual monetary outcomes reveal that its headcount declined from 902 to 861, whereas benefitting from £811,439 in Coronavirus Job Retention Scheme funding (2020: £5m).
In a seller profile interview with AM in 2020, group chief executive Stephen Snow discussed its strategy to become ‘leaner and more efficient’ following a restructure of its management group.
Since its 2021 monetary 12 months ended, Snows has continued to develop the scope of its operations, nevertheless.
In August it completed the acquisition of Picador, the Hampshire seller group, with 90 employees becoming a member of the enterprise from its two Vauxhall dealerships at Sholing in Southampton and Chandler’s Ford close to Eastleigh.
That transfer got here a month after it launched its online leasing platform Snows Direct, including to its current on-line buying and upkeep platforms.
Created in partnership with Wessex Fleet Options, the brand new providing permits clients to seek for their subsequent automobile, agree the finance and servicing bundle and add GAP and Good Shield insurance coverage from a laptop computer, pill or cell in a single on-line location.