Chorley Group turned in what it described as disappointing remaining outcomes for 2023 with the group delivering pre-tax losses of £983,000 in comparison with pre-tax earnings of £2.02m in 2022 on turnover up 17.1% to a file £281.4m.
The group was hit by excessive rates of interest and the next value base all through 2023 mixed with a fall in used EV values in H2.
“The directors were pleased with the business output given the company’s continued franchise expansion plans with two dealerships closed and a further two seeing significant disruptive works to both sales and aftersales departments,” it stated in accounts filed at Corporations Home.
“The board remain confident in the company’s ability to execute their long term ‘Automotive Destinations’ plan and return the company to profit upon completion of the extensive redevelopment plans in mid- to late- 2024, when physical disruption to the locations becomes limited.”
Chorley Group continues to put money into its enterprise intelligence system, which it’s integrating with suppliers, together with Auto Dealer.
“Throughout 2023 the board recognised inefficiencies in the company’s used car performance and control mechanisms, exasperated by the used car declines experienced in the second half of 2023, which will lead to the development and deployment of a new used strategy throughout 2024, driven by live market data and consumer demand,” it stated.
Through the 12 months the corporate disposed of land and buildings with a revenue of £464,000.
