Pretax profit at the Joe Duffy Group, one of the biggest car dealer groups in the country, last year increased more than threefold to €29.76 million.
New consolidated accounts show that JDM Automotive Ltd last year recorded a 248 per cent increase in pretax profit from €8.55 million to €29.76 million as revenue rose by 35.5 per cent or €119.73 million from €337.59 million to €457.32 million.
The business is celebrating 50 years in operation this year. In notes with the accounts, directors said 2021 was the company’s 12th consecutive year of growth. Earnings before interest, tax, depreciation and amortisation last year amounted to €33.9 million.
The motor group operates 23 dealerships and represents an extensive franchise portfolio including BMW, Audi, Mazda, Volkswagen, Ford, Land Rover, Jaguar, Volvo, Porsche, Lotus and Kia.
Employee numbers last year increased by 41 to 520 and staff costs increased by 11 per cent to €22.16 million.
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The directors, which include chief executive and majority owner Gavin Hydes, said they believed they were in a strong position to continue developing the group.
They added, however: “We are facing several headwinds caused by economic uncertainty, supply challenges caused by semiconductor shortages that will impact the company’s future performance.” They acknowledged the “inflationary environment” but said they remained “cautiously optimistic”. They said they were hopeful that new vehicle supply would improve next year, with used car prices stabilising.
At the end of December last the group had shareholder funds of €63.59 million that included accumulated profits of €59.08 million.
Joe Duffy Group has continued to expand in 2022 with the January purchase of CAB Motor Company Ltd.
The group last year recorded other operating income of €2.56 million comprised of Government Covid-19 grants of €1.788 million and manufacturer support income of €750,000.
Directors’ pay last year declined from €899,669 to €676,983.
Cash funds last year increased sharply from €9.66 million to €21.86 million.
