Automotive vendor Donnelly Group completed 2021 with pre-tax revenue rocketing by 305 per cent.
Newly printed accounts present that the Northern Eire-based vendor group made £5.9m for the 12 months ended December 31, 2021, up considerably from the £1.45m it made the 12 months earlier than.
Turnover rose from £252.3m in 2020 to £264.3m in 2021, whereas the online revenue margin jumped from 0.4 per cent to 2.23 per cent.
The vendor group, which represents 16 automotive manufacturers together with Volkswagen Group, Jaguar Land Rover and Stellantis marques, claimed £658,800 underneath the federal government’s furlough scheme in comparison with £3.85m the 12 months earlier than.
Throughout the 12 months, Donnelly Group additionally moved to a brand new purpose-built dealership, nonetheless on Boucher Street, Belfast, following a £3m funding. It additionally accomplished the acquisition of a website in Bangor representing Citroen and Motorstore.
Donnelly stated with these two acquisitions excluded, its total financial institution debt was diminished by roughly £1.7m.
Over the following three years, the end-of-year report stated the enterprise will proceed decreasing its financial institution debt by comparable quantities so it could actually ‘exploit additional development alternatives’.
Wanting again over the 12 months, administrators of Donnelly Group wrote: ‘The strategic plan for the group has considered the entire present market dynamics and the enterprise will scale accordingly and has controls in place to minimise any dangers from trade headlines, but additionally to be ready to learn from alternatives which can current because the sector evolves.
‘We stay cautiously optimistic in our outlook for the profitability of the enterprise within the quick and medium time period horizons.’
Wanting forward, the end-of-year accounts added: ‘Regardless of the challenges, profitability within the first 4 months of 2022 is passable and the group has tailored to the promoting channels out there to it.
‘The administrators are assured that 2022 revenue expectations are consistent with unique budgets ready.’
Donnelly Group was sixty fifth within the Automotive Vendor Prime 100 checklist of probably the most worthwhile automotive sellers final 12 months.
Image: Terence Donnelly, left, Paul Compton, centre, and Dave Sheeran mark the opening of the brand new Donnelly Honda showroom on the Boucher Street