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Porsche Retail, the factory-owned dealer group, saw pre-tax profits dip -2.5% last year to £22.02m on turnover up 22.9% to £518.4m. The company’s return on sales was 4% compared to 5.2% last time.
The group increased new car sales to 3233 compared to 2804 the prior year while used car sales units rose to 2,172 compared to 1,802 in 2022. The group’s used to new ratio increased to 0.7 from 0.6 last time
“Total new and used car volumes in 2023 increased by 733 vehicles, representing an overall increase of 17.3%,” it said in results filed at Companies House and signed off by managing director Adam Flint.
“The increase in new cars was anticipated based on communications from the manufacturer in 2022 and 2023.
“Return on sales is a decline year on year but remains good by industry standards. The competition in the marketplace in Q4 2023 has also impacted the returns,” it said.
The company’s headcount rose to 338 during the year compared to 294 last time due to the opening of service operations in Guildford and West London.
The group is also redeveloping its Porsche centre in Hatfield, expected to commence in Q1 2025.