Car dealer in record €240m turnover as market picks up
Published 01/10/2016 | 02:30
THE Joe Duffy Group had a record turnover of €240.6m last year - an increase of 48pc - according to its financial statement for the financial period to December 31 last.
It reported a 58pc rise in profits before taxation of €7.4m and employee numbers grew by 26pc to 336. It is understood the number employed this year is approaching 400.
The results represent the sixth consecutive year of increased profits at the group which now has 14 outlets.
The figures reflect this expansion as well as greater buoyancy in vehicles sales generally. This time last year, the group was appointed as KIA partner for North Dublin.
Already this year, it has acquired Karmann Volkswagen in North Dublin, as well as opening its third Volkswagen dealership.
It will also complete its Jaguar Land Rover facility in Swords in November. Meanwhile it expects to finish development of its new facility for Volvo and Kia in December.
This will coincide with a total overhaul of its Commons Road, Navan, Vokswagen dealership. And it will extend the Joe Duffy branding to its three Volkswagen businesses, Ford, Volvo, Kia and Jaguar Land Rover outlets this year.
The group's chief executive, Gavin Hydes, said it plans a €20m capital investment in new facilities over the next three years. He is forecasting turnover of around €285m for 2016.
There will also be further developments next month of online platform joeduffy.ie with new customer-led technologies which it claims are industry firsts - especially for used cars. Mr Hydes said it intends to invest "heavily" in digital.
Mr Hydes forecasted an overall new-car market of 148,000 this year and a possible slight dip in 2017 in part due to the wider effects of Brexit.
He sees a continued trend towards SUVs, a gradual move back to petrol, smaller engines and increased demand for connectivity (Bluetooth, sat nav, e-connections).