Glasgow-based automotive group Peter Vardy has posted figures showing a 4% rise in turnover for 2918 to £468 million.
The group said its EBITDA of £10.75 million laid the foundation for future growth. It said that despite difficult market conditions gross profit margins remained in line with the previous year at 12.7%.
The group said it continued to operate above its objective of £500,000 of retain profit for each of its outlets leading to a small increase to £5.8 million in retained profit after tax. It holds franchises for BMW, Jaguar Land Rover, Porsche and Vauxhall as well as two two Peter Vardy CarStores in Glasgow and Dundee.
Chief executive Peter Vardy said the 2018 figures illustrated the company’s resilience, with the ability to maintain a strong performance amid difficult trading conditions for the industry as a whole.
He said this allowed the group to continue its programme of investment with the opening of its second Porsche showroom in Perth, giving Peter Vardy exclusive coverage in the north of Scotland.
“Our focus heading into 2018 was on two areas – driving used vehicle performance and maximising aftersales opportunities – and I am pleased to report positive results on both fronts,” Vardy said.
“We are continuing to pursue our six-point strategy for growth, and are actively seeking expansion in both the physical and digital markets. The fact that we were working on our 2030 vision and strategy plans back in 2018 gives you an idea of the scope of our ambitions.”
Set up as a single dealership in Perth in 2006, Peter Vardy Group has grown to 14 dealerships across Scotland employing more than 800 people.
Looking to the future, Vardy said the group aims to take the lead in digital innovation and transformation, with heavy investment in e-commerce sales and aftersales products. The company’s ambition is to sell half of its vehicles online by 2023, with a target of 60% of all service bookings coming through online channels in the same year.
“We are manoeuvring to be at the forefront of the rapidly-changing environment within the motor trade,” Vardy said. “We have continued to build on 2018’s success during the current financial year, putting us in a strong position to achieve our objectives.”
