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Car seller profits up 7pc to €84.6m

DESPITE big declines in car sales last year, one of Dublin's largest car sellers saw profits jump in 2012.

Sales at Joe Duffy Motor Group rose by 7pc to €84.6m during the year, according to new company accounts, while profits soared by 60pc to €1.3m. This is despite the fact that new car sales slumped by 12pc nationally.

Chief executive Gavin Hydes (above) said there would be an "inevitable recovery" in the industry and highlighted the company's efforts to expand – including the completion of a new Audi facility in north Dublin worth €10m. It expects further growth for 2013, anticipating that annual sales will rise to €116m despite the fact that new car sales are forecast to fall by another 6pc.