Arnold Clark sees profits rocket 68% to £263m

Arnold Clark turned in a large efficiency in the year to December 2021 with pre-tax gains surging 68% to £263m on turnover in advance 25% to £4.7bn.

The team gained £5.7m of premiums relief all through the very first 4 months of the yr when its showrooms have been shut but did not avail of Coronavirus Work Retention scheme which would have been readily available for 700 workers through the first a few months of the year.

It reported lengthy lead periods for new motor vehicles remained a obstacle but it enhanced retail utilized cars and trucks by 9.5% to 224,000 vehicles in spite of a industry extensive scarcity of utilized autos. Demand from customers for aftersales solutions rose with gross sales up 11% to £203.7m.

Arnold Clark Finance, its automobile management and each day rental arm, saw pre-tax revenue increase by £27m to £42.1m.

“The firm benefitted from increases in utilised motor vehicle values which has experienced a optimistic effect on disposal proceeds and associated earnings.

It stated the achievement of its Click on & Collect and Click on & Produce strategies experienced enabled it to extend the countrywide footprint of its made use of autos small business.

It opened automobile preparing centres in Nottingham, Stafford, Chesterfield, Warrington and Wolverhampton and has designs to open new notion Click on & Acquire centres in Solihull, Leyland and Linwood.

Its Toyota and Ford franchises will terminate in a transition time period from calendar year conclusion it has strategies in spot to refranchise stores or use them as Motorstores.