Listers profit down, Motorline up

  28 September 2020

Listers Group saw profit before tax fall from £13.4m to £7.9m in the year ended 31 March 2020. Covid had a “significant effect on profitability” as the retailer had no trade in the final week of March, its busiest trading month of the year. However, Listers’ directors anticipate continuing profitability in the coming year.

JLR, Toyota and Volkswagen were the group’s biggest contributors to profitability, and it took on two new franchises during the year: Isuzu and Porsche. Turnover remained broadly level at £1.2bn, compared to £1.23bn the previous year. A dividend of £7.5m, and an £8m dividend proposed during the previous year, were paid.

Motorline reported a 6% increase in turnover for the year ended 31 December 2019 to £249m, with profit before tax up from £597k to £1.5m.

The Kent-based retailer added Lexus Maidstone in November 2019. Projections in early 2019 exceeded budgets, but the impact of Covid during 2020 has been significant, with over 95% of staff placed on furlough. Since reopening, results have been “significantly better” than expected. Nevertheless, the group has mitigated against a possible recession with a series of cost-cutting and cash management initiatives.

imageTags: Lister, Motorline

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