Thursday 14 December 2017

Profits purr as Jaguar sales grow by one-third

A Jaguar F-Type on display at the Jaguar stand during the Dubai Motor Show at the World Trade Centre in Dubai, United Arab Emirates, this week.
A Jaguar F-Type on display at the Jaguar stand during the Dubai Motor Show at the World Trade Centre in Dubai, United Arab Emirates, this week.

Gordon Deegan

Pre-tax profits at the group that imports and distributes luxury car brands, Jaguar and Land Rover into Ireland last year increased by 31pc to €2.98m.

The increase in profits came as revenues at Armalou Holdings Ltd soared by 37pc to €110.3m in the 12 months to the end of December last.

Armalou is the holding firm for the OHM Group and 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 while it also operates the Spirit Motor Group based in south Dublin.

Figures from the Society of the Irish Motor Industry (SIMI) show that Jaguar sales last year increased 23.4pc, going from 154 to 190. Sales of Jaguars in the current year total 261 for the first ten months - an increase of 37pc on the corresponding period in 2014.

The SIMI stats show that the sales of Land Rover last year increased by 31pc going from 409 to 532 with sales for the first ten months of this year up by 33pc to 707.

Shareholder funds increased to €10.1m, including accumulated profits of €6.3m. The group's cash totalled €8.43m.

Numbers employed remained static at 104 with staff costs to €6.06m.

Directors' pay for Gabriel Hogan and Declan McCourt last year increased from €530,201 to €580,371 that included pension contributions of €163,040.

Irish Independent

Promoted Links

Business Newsletter

Read the leading stories from the world of Business.

Promoted Links

Also in Business