Profits soar at Cumbrian-based Lloyd Motors

Jun 30 2010 by Peter McCusker, The Journal

CUMBRIAN-based motor group Lloyd Motors has recorded a near 400% boost in profits despite seeing sales fall slightly to £193m.

The Carlisle-based group which operates from a six sites in the city, one in Cockermouth, two in Lancashire and from the Fawdington BMW dealership in Newcastle recorded group sales of £193.4m in 2009.

This was slightly down from £202m in the previous year, but pre-tax profits soared to £4.4m from £920,000 in 2008.

The Fawdington operation saw sales fall from £54m to £47m, but profits rose to £1.69m from £1.2m in 2008.

In the directors’ report, which accompanies its annual results the directors say: “The directors are satisfied with the overall performance across all franchises which resulted in an improvement in gross profit of 70% across the group and a significant improvement in profit after tax of about 380%.

“It must be noted that 2008 was an extremely difficult year in respect of overall trading and must be taken into account in comparing 2009’s performance.”

Many North East dealerships reported improved performances last year with the scrappage scheme providing a much-needed fillip to the sector.