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Dick Lovett delivered a strong performance in the year to December 2022 with record pre-tax profit up 93.4% to £47.2 million and record turnover up 16.6% to £769.9 million.
It said while the BMW, MINI, Porsche and Ferrari businesses had outstanding years, and all set new profit records, overall, supply constraints and higher interest rates did present challenges.
“Trade is not without its difficulties with the supply of new cars still being unpredictable and rising interest rates also impacting new and used vehicle financing rates.
“While the number of business resources is also a challenge given the limited labor market and it is therefore important for the group to continue to invest significantly in training,” he said in an account filed with Companies House.
“During the year Dick Lovett sold the BMW and MINI sites in Bath, a deal which made a “significant contribution” to this year’s results.
“All proceeds from the sale will be re-invested in future development projects, including the completed showroom at Melksham to accommodate the BMW and MINI businesses moving from Bath in 2022.
Further investment is planned in 2023 with a new Porsche dealership being built to replace the current Cardiff location and plans are being developed to redesign the BMW Hungerford,” he said.
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