Home Auto Perrys sees profits treble to £11.9m in ‘outstanding’ year

Perrys sees profits treble to £11.9m in ‘outstanding’ year

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Perrys sees profits treble to £11.9m in 'outstanding' year

Perrys Group turned in what it described as an ‘outstanding performance’ in 2021 with pre-tax profits more than trebling to £11.9m on turnover up 22% to £599.8m.

During the year, the group expanded, taking on Mazda in Dover, MG in Aylesbury and Peugeot in Huddersfield and Bury. It also opening a new Cupra showroom in Bolton.

Last year it set up its own used car specialist operation branded as Perrys Used Car Outlet. The first opened in Doncaster and a second business opened in Milton Keynes in April 2021. Further outlets are planned.

The group benefited from a one off exceptional income during the year of £4.3m for Business Interruption due to COVUID-19

Perrys retained more margin on the new vehicles that it sold. New vehicle revenues rose 22% to £199m. New commercial vehicle revenues also increased by 22% to £95m.

“The increase in volume together with higher retained margins and quarterly manufacturer bonus income meant direct profit for consolidated new vehicles sales rose 152% to £5.8m,” it said in accounts filed at Companies House.

On used cars, used margins remained strong throughout the year, enabling Perrys to increase direct profits from its used vehicle sales to £12m compared to £8.7m in 2020.

Combined aftersales revenues rose 15% to £70m with direct profit up 24% to £12.6m.

https://www.motortrader.com/motor-trader-news/automotive-news/perrys-sees-profits-treble-11-9m-outstanding-year-company-17-05-2022

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