Dick Lovett almost doubles profits in 2022 after record year

Household-run Dick Lovett has posted a pre-tax revenue of £47.7 million and turnover of practically £770m in what was a file 12 months for the enterprise.

The South West-based group’s newest accounts for the 12 months ended December 31, 2022, submitted to Companies House, present pre-tax earnings have risen significantly from the £24.4m efficiency in 2021.

Turnover elevated by 17% from £659m final 12 months and working revenue elevated from £25m to £48m over the identical interval.

This soar in earnings might be partially attributed to the sale of Dick Lovett’s BMW and Mini web site in Tub, following that dealership’s relocation to a brand new purpose-built Melksham web site.

The enterprise mentioned that whereas all of the premium manufacturers it represents carried out effectively to assist ship the outcomes, BMW, Mini, Porsche and Ferrari had a very “excellent 12 months, with file earnings”.

Dick Lovett represents BMW, Mini, Porsche, Aston Martin, Ferrari, Jaguar, Land Rover and BMW Motorrad at areas in Bristol, Hungerford, Melksham, Swindon, Cardiff and Tewkesbury.

It additionally runs its personal supercar and status specialist vehicles enterprise.

The administrators on the enterprise made a joint assertion as a part of the outcomes and mentioned that whereas the group delivered a file efficiency, the 12 months was not with out its challenges.

This included constrained provide of latest vehicles, unpredictable and growing rates of interest, in addition to useful resource and a decreasing pool of expertise within the labour market.

Dick Lovett is already planning a big funding in a new flagship Porsche dealership in Newport and can be redesigning its BMW Hungerford location this 12 months.

A brand new Bristol service centre can also be deliberate this 12 months to permit the longer term rebuild of Porsche Bristol and the later refrubishment of BMW Bristol.

The group’s additionally expects that Porsche Swindon and Porsche Tewkesbury will must be prolonged and expanded to satisfy future demand.

The corporate mentioned: “The corporate will proceed to guage different alternatives that the administrators really feel will add worth to the group”.