Currie Motors took a success within the yr to April 2024 with pre-tax earnings down 22.5% to £19.5m on turnover up 11.7% to £482.6m.
In outcomes filed at Corporations Home Currie Motors chairman Joseph Jaffe stated the decline might be attributed within the US (turnover £385.3m) and the UK (turnover £97.3m) the place it operates to inflationary pressures and the reversion to push advertising and marketing with oversupply of recent autos and “significant downward pressure” on margins.
“Within the three years previous to the yr below overview demand exceeded provide for the primary time in dwelling reminiscence due, in the primary, to the after results of the COVID pandemic. That in fact leads to dramatically improved margins.
“Earnings for the yr below overview have been additionally severely affected by the inflationary pressures on bills nearly throughout the board.
Within the UK, Jaffe stated the UK motor operations have been down 51% on 2023, which he stated was “clearly disappointing”.
“They too suffered from important downward pressures on margins and inflationary pressures on bills and prices.
“Trading was not helped buy the obligation to sell electric vehicles, notwithstanding the lack of appetite for these cars among the buying public, particularly at prevailing prices.”
Jaffe stated it was “encouraging” that carmakers had taken steps to chop costs within the present buying and selling yr.
He added stated that whereas the outcomes have been not so good as beforehand and there have been areas the place it may enhance, he was proud with the best way administration had confronted and handled the challenges.
“Our chief executive Glenn Pitzer has given excellent leadership, and I am very particularly proud of the culture and commitment that exists in our group on both sides of the Atlantic,” he stated.
