Boom is back for luxury car importer as profits double
Published 09/11/2016 | 02:30
Pre-tax profits at the group that imports and distributes Jaguar and Land Rover vehicles into Ireland more than doubled to €6.65m last year.
The sharp increase in profits came as revenues at Armalou Holdings Ltd soared by 44pc, from €109.98m to €157.39 in the 12 months to the end of December last.
Armalou is the holding firm for the OHM Group and profits and revenues at the group went up as sales of luxury car brands Jaguar and Rover increased sharply last year.
The group is also involved in the sale of Volvo, Ford and Skoda vehicles and operates the Spirit Motor Group based in south Dublin.
Figures from the Irish Motor Industry (IMI) show that Jaguar sales last year soared by 41pc, up from 190 to 268. Sales of Jaguar this year total 554 for the first 10 months - an increase of 112pc on the corresponding period in 2014.
According to the directors' report "the group has benefited from the recovery in the market and through acquisitions in the retail division".
Shareholder funds last year increased to €15.89m. The group's cash last year increased to €10.5m.
Numbers employed at the group last year increased from 104 to 157.