Porsche Retail Group sees profits surge 41% to £16.3m
Porsche Retail Group, the factory owned dealer group, turned in a strong performance in 2021 with pre-tax profits up 41.3% to £16.3m on turnover ahead 2.9% to £320.1m. Return on sales was 5.2% compared to 3.8% in 2020.
The group saw its new retail unit sales fall to 2,037 from 2,329 the prior year while used car sales rose to 1,521 from 1,308 last time.
In accounts filed at Companies House it said its supply of new cars had been impacted by the global shortages of semi-conductors.
“Conversely the reduced supply of new vehicles had a positive impact on used cars, where prices and margins remained strong for the whole of 2021 as new car customers sought to purchased used cars instead.”
Looking ahead it said: “Lower sales as a result of changes in the economy will be reflected in a lower allocation of vehicles from Porsche Cars Great Britain to sell and overheads will be reviewed to help mitigate some of the impact from any reduction in profitability.
“The business continues to face uncertainty however the board of PRG continues to be optimistic that the business can meet the challenges faced now and over the remainder of 2022,” said managing director Adam Flint (pictured).