Pre-tax profits down at Johnson & Perrot but company in black
Pre-tax profits at Cork-based motor group Johnson & Perrott declined by 7pc last year to €2.66m, new figures show.
In accounts just filed to the Companies Office, they show the group recorded a pre-tax profit of €2.66 million in the 12 months to the end of December last after recording a pre-tax profit of €2.88m in 2012.
The group sustained the drop in pre-tax profits as revenues declined by 26pc from €62.34m to €45.88m, arising from the group disposing of its Avis rent- a-car franchise in March 2012.
The figures show that like-for- like sales last year increased by 2pc, going from €45m to €45.88m.
The second successive year of pre-tax profit at the group contributed to the business paying a dividend of €205,000 to its owners, members of the Whittaker family last year.
At the end of December last, the group had accumulated profits of €54.7m that included cash of €13.8m.
The pre-tax profit last year takes account of non-cash depreciation costs of €7.32m.
Group CEO Mark Whittaker yesterday reported that revenues in the business's car dealership have increased by 52pc in 2014 with new vehicle sales running at approximately twice the national average.
The company sells brands that include Honda, Kia, Jaguar, Landrover, Opel, Volvo and Peugeot.
Commenting on 2013, Mr Whittaker said: "We were very pleased with the financial performance of the group for 2013 which built on the progress already made in 2012.
"We are now confident that we have achieved long-term sustainable profitability and that we continue to strengthen our balance sheet and protect our cash reserves."
He said: "2013 saw the acquisition of the business of Walden Leasing and Fleet Management ltd and this helped our fleet management division to achieve excellent results for the year.
Mr Whittaker said: "In October 2013, we completed a strategic plan for the organisation for the years to 2016 and this lays out ambitious targets for improvement in our core skills and in the scale of the group. We are now fully focused on delivering on these targets."
Mr Whittaker said that the appointment of George Mills as managing director of motor dealerships and the work he has undertaken has resulted in considerable improvement in the results being achieved.
The figures show that directors' remuneration last year totalled €283,935 and this followed pay to directors totalling €361,605. The accounts show the numbers employed by the group last year reduced from 144 to 103 with staff costs declining from €4.88m to €41.8m.