Joe Duffy profits surge as motors market struggles
DESPITE massive declines in car sales last year, one of the country's largest motor groups has reported a jump in sales for 2012.
Newly filed accounts by Joe Duffy Motor Group show revenues rose by 7pc to €84.6m last year while pre-tax profits soared by 60pc to €1.3m.
The news will come as a welcome salve to the beleaguered Irish motor industry, which saw new car sales slump by 12pc last year.
Chief executive Gavin Hydes said the results were achieved despite "tough trading conditions, falling consumer confidence and a further reduction in the new car market."
He said there would be an "inevitable recovery" to the industry, highlighting that the company completed a new North Dublin-based Audi facility worth €10m during the year.
The group, whose fleet include Audis, BMWs, Minis, Land Rovers, Mazdas, Volvos, Porsches and Volkswagens, grew staff numbers to 196 from 150 in the past 12 months.
Other expansion activities during 2012 included the purchase of Swords-based McAllister Volkswagen and the addition of SEAT vehicles in south Dublin.
The company expects further growth in 2013, anticipating annual sales will rise to €116m despite the fact that new car sales are forecast to fall by another 6pc.