Group 1’s US and UK operations turned in a powerful efficiency in 2024 with turnover up 11.5% to $19.9bn (£16bn) and gross revenue up 7.3% to $3.2bn.
Within the UK turnover surged on the again of its acquisition of the Inchcape UK arm with turnover up 36% to $4.16bn.
The Inchcape deal added 54 dealerships to the group. The combination of Inchcape is going down alongside a wider restructuring within the UK with job cuts, some website closures and the integrations of techniques, together with its supplier administration techniques (DMS).
The corporate put apart $16.7m restructuring prices recognised within the present quarter.
In October final 12 months Group 1 acquired Soper of Lincoln’s Mini and Mini enterprise which is able to add $125m to its revenues yearly.
Daryl Kenningham, Group 1’s president and chief government officer, mentioned: “Our UK workforce is healthier positioned at the moment than at any time in our historical past, with distinctive model companions and a portfolio of dealerships that present us geographic diversification throughout a broader UK market.
“Our ongoing restructuring actions to integrate Inchcape Retail stores which began in the fourth quarter of 2024 will ultimately position us to capture the full value of this acquisition.”
