Profits soar at Swansway Group
Swansway Group, which owns Preston and Blackburn Audi and Volkswagen Commercial Van Centre Lancashire saw their pre-tax profits rise by a staggering 155 per cent to £10.2m in 2020.
The group directors are delighted with the financial result and believe this has reaffirmed their decision to bring the vast majority of the workforce back into the business in May of last year, and to take them off the government job retention scheme and to pay them their full salaries.
All Swansway group senior managers remained very active in the businesses, whilst adhering to all health and safety requirements, and were physically in the work place virtually all the way through the lock down periods. This practice was in alignment with directors’ experience that the motor trade requires “hands on” engagement by senior staff members to succeed.
In 2019 the group had re-evaluated its business model and implemented a strategy which proved its efficacy in 2020 when the EBITDA (earnings before interest tax and depreciation) rose from £12.0m to over £17m.
Group chairman Mr Michael Smyth, commenting on the results said: “In my 54 years in the motor trade I have had many obstacles to overcome, and at the beginning of the pandemic I got my senior people together and reminded them of the basics of retailing with a particular focus on the speed at which we kept in touch with all potential customers and to treat all leads as 'gold dust'.
“I firmly believe the team took this on board and I would like to congratulate them on a job well done.”
Image: David Smyth, Michael Smyth, Peter Smyth, John Smyth
