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250522 Motor Trader.Steven Eagle Toyota Milton Keynes.
Revenues at Steven Eagell in 2023 are expected to break through the billion pound mark following the purchase of Toyota dealerships from Marshall Motor Group in June.
The group made the disclosure in accounts filed at Companies House 2022 which saw deliver pre-tax profits up 13.2% to £29.2m on turnover ahead 20% to £840.7m.
Operating profit was at a record level of £30.1m, a 12% increase on 2021. The board said it had achieved a “resilient performance” with only one third of profits attributed to the sale of new cars and the rest to used car sales and aftersales.
In June 2023, 12 dealerships were acquired from Marshall Motor Group. Steven Eagell said these “established” businesses have been successfully integrated with “very promising” early signs.
Revenue is anticipated to rise to over £1bn in 2023 with the new dealerships included for the final six months of the year.
Dividends of £12,774,000 (2021: £8,694,000) were paid in the year. The directors did not recommend a final dividend.
In July 2022, the group purchased Toyota Oxford from Inchcape Retail which, in the period made a loss of £351,000.