Sytner profits hit £178.9m as revenues surge 18% to £6.8bn

Sytner Group turned in a strong performance in 2022 with pre-tax profits of £178.9m compared to £178.1m the prior year on turnover up 17.9% to £6.8bn.

It said operating profit for the year increased to £198.1m (2021: £187.4m), despite high inflation and a £6.5m increase in energy costs for the period.

“Profit before tax for 2022 was just slightly ahead of the prior year at £179m, rising interest on the group’s borrowings saw interest increase to £19.2m, an increase of 39.9m on prior year,” it said in accounts filed at Companies House.

The group made two acquisitions during the year. In April it bought Specialist Cars Holdings representing BMW and MINI in Stevenage, Luton and Tring and in August it strengthened its position with Mercedes-Benz, buying five dealerships and three aftersales facilities in North London.

Sytner said the switch to agency by Mercedes-Benz had gone well. Mercedes is a brand well down the line with the agency model.

“Under an agency model, the company will not hold new vehicles stock, there is no structural or operational impact on other areas of the business.

“Transfer of systems and development of revised methods of working have been implemented.

“The partnership with Mercedes-Benz has been well managed and appropriate training has been supplied to all colleagues,” it said.

During the year the employee count for the group grew to 10,188 compared to 9,155 in 2021.