Joe Duffy Motors firm sees profits tumble 75pc to €792,000
Published 10/12/2010 | 05:00
Operating profit at JDM Automotive, the company behind Joe Duffy Motors, fell 75pc to €792,000 last year as the country's biggest BMW dealer felt the full impact of the slowdown in car sales -- before the scrappage scheme was introduced by the Government.
Sales at the company sank 46pc to €44m last year.
Around the peak of the boom, in 2007, the dealer had posted turnover of nearly €85m and profits of €2.4m.
In accounts for the business that have just been filed, directors note that while the company's volumes have fallen, Joe Duffy Motors has increased its market share.
They cited "challenges" within the banking sector as having resulted in a reduction in consumer finance.
The major shareholders in the company are well-known Dublin accountants Greg Sparks and Pearse Farrell.
However, they warned that due to the "serious deterioration" in the passenger car market that it was "crucial that we continue to aggressively challenge and manage fixed overheads" across the group.
Last year, the company was appointed as the Audi dealer for north Dublin and the firm is developing a new 'Audi Terminal' facility that's due to open in Finglas early in 2011. Its investment in the Audi franchise is slated at around €12m.