Bosses at dealer group Perrys have hailed the firm’s ‘outstanding’ results after its pre-tax profit soared to almost £12m.
The firm’s annual accounts, published via Companies House, showed that the outfit enjoyed a bumper year in the 12 months to December 31, 2021.
Gross profit shot up to £81.2m, compared with £65.4m in 2020, while revenue rose by more than £100m to £599.8m.
Meanwhile, pre-tax profit was recorded at £11.996m in 2021 versus £3.155m in 2020 – an enormous rise of around 280 per cent.
The accounts show that Perrys enjoyed gross margins of 13.5 per cent despite new car volumes dropping by 15 per cent and used car volumes by 10 per cent by the second half of the year.
Having been hit hard by national lockdowns in 2020 and the start of 2021, the firm also received £4.3m from a business interruption insurance policy.
However, it did receive less money from government grants, including the furlough scheme, claiming £2.34m versus £11.272m in 2020.
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In a statement included in the accounts, Chris Thexton, Perrys’ financial director, said: ‘The group delivered outstanding results for 2021, particularly given the ongoing economic and social restrictions due to the Covid-19 pandemic.
‘The year started with a third national lockdown lasting from January 6, 2021 until April 12, 2021, during which time we again had to close showroom doors to the public.
Most legal restrictions were lifted on the July 19, 2021 but new Plan B measures were implemented by the government on December 10. This led to further economic uncertainty and unusual customer behaviour.
‘Despite the showrooms being closed for over three months, the modified trading actions meant the group was able to deliver revenues of £600m, 22 per cent up on the previous year with gross margins of 13.5 per cent, compared to 13.3 per cent in 2020.
‘Operating profit (before exceptional items) for the year improved by 74 per cent to £9m versus £5.2m last year.
‘This represented a return on sales of 1.5 per cent – up from 1.1 per cent in 2020.
‘The group also benefited from exceptional income which included a £4.3m payment in respect of a business interruption insurance policy.’
He added: ‘The group continues to benefit from a resilient mix of revenue streams, excellent relationships with forward-looking manufacturers, strong regional representation, its trusted brand and a sound balance sheet.