Financial performance revs up with sharp acceleration in sales and profits for H1 2015
Peter Vardy, the fast-growing Scottish-based car company, has accelerated into the fast lane with a high-powered set of results for the first half of 2015 which has seen profits rise by 64 per cent over the same period last year.
The Group, which now employs more than 800 people in a portfolio of sites from Aberdeen to Glasgow, generated an underlying profit in the first half of 2015 of £8.7 million (EBITDA), an average profit per dealership of £791,000 over the six months. Turnover increased by just over 10 per cent to £224 million for the first six months, producing a return on sales of 3.9 per cent, more than double the industry average. The increase in profitability in relation to turnover arose from improved colleague retention, a strengthened senior team and more efficient overall trading. The group operates the largest Jaguar Land Rover retailer outlet in the UK, has top quartile performance with Porsche, leads Vauxhall network profitability and remains highly profitable with BMW and MINI. Its CarStore concept has had an impact in the auto retail sector, with volumes at its Glasgow CarStore set to exceed 4,000 units in 2015. Plans are well in hand for a second CarStore on the Kingsway in Dundee. Peter Vardy is also making significant inroads into the digital environment, with a number of initiatives across the group that will see website visits exceed 3 million for the year, an increase of 65 per cent over the previous year, and an increase in online enquiries of 52 per cent during the same period. In keeping with its central philosophy of giving back to the communities in which it operates, Peter Vardy will also make a donation of 10 per cent of its profits to the Peter Vardy Foundation, its charitable arm. All new employees are given £100 to donate to a charity of their choice and the company has fostered an environment where colleagues have a genuine desire to make a contribution to their communities. Chief executive Peter Vardy said: "The Group remains proud of its achievements since it was founded in 2006. It is now far stronger and on course to realise its ambition to become a world class motor retail organisation. “I am particularly pleased that in a survey almost nine tenths of our more than 800-strong staff indicated that they are proud to work here and that 80 per cent of them would recommend Peter Vardy to friends and family as a great place to work. “Ours, I believe, is a work environment which genuinely offers a range of career opportunities and operates a leadership development programme which focuses on future talent.”