Vindis reports increased revenues and reduced profits in 2023

Vindis battled with inflationary headwinds in 2023 and delivered pre-tax profits of £107,147 on turnover of £436.1m.

This was in sharp contrast to the prior year which saw pre-tax profits of £10.3m on turnover of £378.2m.

But the 2022 accounts included a £8.7m exceptional item generated by the sale of five properties.

In accounts filed at Companies House it said the new car market saw more push marketing in 2023 as the year progressed while the used car sector was hit by softening margins as values fell, which led to a departmental loss.

“With no let-up in interest rates the group continues to come under pressure both directly from our vehicle stocking and indirectly through increased costs from suppliers.”

“New car supply continued to improve as we started 2023 however nowhere near ‘normal’ pre-pandemic levels.

“We did start to see more discounting creep into the market as a direct result of supply versus demand which resulted in a small reduction in margin.”

Its corporate sales performed well throughout the year with a strong back-order book, and it was able to increase volumes while achieving ‘sensible’ margins.

Vindis reported operating profit before interest and tax of £3.4m compared to a profit of £12.1m in 2022. It said it was satisfied with this result considering the macro “economic climate” and the sales of properties the prior year.

Vindis Group is a family-owned business with its HQ in Huntington. It represents Audi, Bentley, Ducati, Škoda, SEAT, Cupra, Volkswagen and Volkswagen Commercial Vehicle with outlets in six counties.

It also has two trade parts divisions located in Bishop’s Stortford and Cambridge and a fleet centre in Huntington. During 2023 its headcount was 775 compared too 767 the prior year.