Profits double at Renault Ireland

The Irish arm of car firm Renault more than doubled its operating profit last year to €1.66 million from €770,000 in 2014. Turnover rose to €208 million for the year ended December 31st, 2015, up from €137 million the previous year.

According to accounts recently filed, Renault Ireland Ltd saw growth in both new vehicle sales and spare parts in 2015. The French car giant distributes its eponymous brand along with its budget brand Dacia.

The stock of cars and vans held by the firm at year-end was valued at €10.86 million, up from €3.7 million the previous year. Trade debtors also rose significantly, up from €183,659 in 2014 to €1.3 million last year. The accounts show a provision for sales incentives of €19.5 million, up from €14.26 million the previous year.

Rising sales

According to industry figures, in 2015 Renault recorded new car sales of 6,090 cars, giving it a market share of 4.87 per cent. It’s Dacia brand had sales of 3,784, giving it a 3 per cent market share.

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Up to the end of last month Renault had 8,373 new car registrations with a market share of 5.73 per cent, while Dacia had 4,376 sales, retaining its 3 per cent share. In the light commercial vehicle sector, sales in 2015 were 2,958, while this year sales were at 3,565 to the end of November.

Orders up for 2017

A spokeswoman for the firm said it is expecting a strong finish for 2016, and there has already been a positive start to 2017 with orders up 25 per cent already for car registrations in January compared to the same time last year.

Wages and salaries at the firm rose from €1.1 million to €1.4 million for the year, with accounts showing an average of 24 staff during the year. Directors’ remuneration rose from €137,798 to €153,810.

As with 2014, no dividend was paid to the parent company Renault SAS last year. The French car giant took direct control of the brand's distribution and marketing at the end of 2008. Prior to that it was operated under a franchise agreement with Bill Cullen's Glencullen Distribution Ltd, who had held the rights since 1986.