Wednesday 21 August 2019

Jaguar sales send profits racing ahead at OHM

Sales of luxury Jaguar models have jumped by 106pc
Sales of luxury Jaguar models have jumped by 106pc

Gordon Deegan

Soaring sales of luxury car brands, such as Jaguar, last year contributed to pre-tax profits at the Dublin-based OHM Group increasing by 10.5pc to €7.35m.

Revenues at Armalou Holdings Ltd increased by 36pc from €157.39m to €214.88m in the 12 months to the end of December last.

Armalou is the holding firm for the OHM Group. Profits and revenues at the group came as sales of Jaguar and Rover increased sharply last year.

The group is also involved in the retail of Volvo, Ford and Skoda motors and also operates the Spirit Motor Group in south Dublin. Last year, there were 554 Jaguar cars sold here and this followed sales of 268 models in 2015 - a jump of 106pc.

According to the directors' report, the group has benefited from the recovery in the market and through acquisitions in the retail division.

The group has bounced back from the plunging sales experienced during the recession when sales of €40.8m were recorded in 2010 - just under 20pc of the sales recorded last year. The two directors of the firm are listed as Gabriel Hogan and Declan McCourt. Shareholder funds at the group last year increased from €15.89m to €22.3m, which included accumulated profits of €18.54m. The group's cash last year totalled €10.1m.

Numbers employed rose from 143 to 183, with staff costs increasing from €7.5m to €12m.

Directors' pay last year increased from €533,414 to €871,867, made up of €206,985 in pay and €664,882 in pension contributions. The group's profit takes account of non-cash depreciation costs totalling €572,871.

The group's cost of sales last year increased from €141.18m to €194.9m.

Irish Independent

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