Automobile retail group JT Hughes has revealed that it greater than doubled its earnings in 2021/22 following the current addition of latest Kia, Isuzu, INEOS and XBus franchises.
The Shrewsbury-based operation’s pre-tax earnings rose from £1 million to £2.3m within the 12-month interval to Could 31, 2022, as turnover grew by 30.2% to £86.2m (2020/21: £66.2), accounted filed with Corporations Home present.
Its progress displays its first full 12 months of gross sales from a new Kia dealership opened in Newtown again in January 2021 and a switch from Mitsubishi to Isuzu at its Newtown site in March final 12 months.
Extra not too long ago, the enterprise opened its INEOS Grenadier dealership in Telford and that of the modern modular electrical gentle industrial car (LCV) model XBus in Shrewsbury.
A press release accompanying the group’s annual accounts stated: “For the reason that year-end, each new and used automobile gross sales have remained regular, with excessive client demand for brand new autos stabilising used automobile values.
“There are nonetheless trade challenges throughout the provide chain of latest autos however, now within the second 12 months of the used automobile centre in Telford, general gross sales stay robust.”
Together with its new franchised companions JT Hughes is a important vendor for Honda, Hyundai and Ssangyong, working from 11 services in Telford, Shrewsbury and Newtown.