Profits at Irish car firm speed ahead to €1.7m
Published 06/05/2015 | 02:30
Pre-tax profits at one of the largest motor dealerships in the west of Ireland rose by 14pc to €1.7m last year.
Al Hayes Motors, based in Co Galway, is a main dealer for Volkswagen and Mitsubishi.
The Portumna firm's rose to €33.46m in the year to the end of October last.
The firm benefited from Volkswagen having the second largest market share of the Irish new car market last year with almost 12pc of all new cars sold.
VW was marginally behind Toyota and ahead of Ford.
Last year, the number of Volkswagen cars sold jumped by 23pc to 11,760 while sales of Mitsubishi rose 23pc to 594.
National sales of Volkswagen in the first four months of this year have increased 69pc on the same period last year.
According to the directors' report, for Al Hayes "despite the current economic climate and the decrease in turnover, the company has maintained profitability in line with expectations and we are confident of maintaining those levels for 2015".
At the end of October last, the firm had accumulated profits of €14.8m and employed 43.
The filings also show that the company recorded an operating profit of €1.475m in 2013.
The company's cost of sales rose by 9pc to €30.62m.
A breakdown of the numbers employed show that 30 work in mechanics and 13 in managerial/administration, with employment costs last year increasing from €1.39m to €1.55m.
During last year, directors Al and Noreen Hayes charged the company €360,000 rent for premises and this followed a rent charge of €360,000 in 2012.
Remuneration to directors last year totalled €104,406. The firm last year gave €12,896 to charities. The firm's cash last year fell by 6pc to €3.22m.