North West-based motor group Swansway has reported a profit of £23.3m in its annual financial results for 2022 which, after a goodwill amortisation of £1m, resulted in a pre-tax profit of £22.3 million.
This represents an 11 per cent decline from the record profits seen in 2021, but more than double the pre-tax profits achieved in 2020.
Despite the ongoing cost-of-living crisis, the group experienced high levels of consumer demand that translated into strong trading.
The Swansway directors are delighted with the results which saw a turnover of £819m, an EBITDA (earnings before interest tax and depreciation) of £29m and an £11m increase in shareholder funds to £66.4m.
In line with the group’s strategy, Swansway also saw a £3m reduction in borrowings.
Swansway Motor Group director Peter Smyth commented on the performance: “Although the profits declined against our all-time high of 2021, I believe that our results outperform many of our peers in the sector. Looking ahead to the remainder of 2023 and beyond, we have already seen an encouraging performance in Q1 of this year, with results exceeding the predicted expectations, especially when considered against the backdrop of the cost-of-living crisis, a rise in inflation and interest rates.
"We have a strong financial footing, leaving us equipped to maximise opportunities and tackle challenges, whilst OEMs consolidate and reorganise during their planned agency model introductions."