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Swansway generated £22.3 million pre-tax profit in 2022, an 11% decrease from the previous year’s record performance as turnover fell 2.3% to £819.4 million.
During the year, supply issues impacted new and used car sales. New retail sales were 6,926 compared to 7,831 in 2021 while new fleet volume was 7,703 compared to 8,937 in the previous year.
Sales of used vehicles decreased to 14,717 compared to 16,078 in 2921 due to supply restrictions. Swansway said it was recruiting car buyers to increase stock while also developing Swansway’s Sell 2 platform.
During the year it began working on a contract leasing business called Stable Vehicle Contracts LLP as an additional profit stream while also giving it access to more used cars for its dealers and Motor Match.
Swansway said the supply of new cars was improving but it would be two years before the market returned to normal.
The group now has 24 dealers and one accident repair center covering an area stretching from Birmingham in the Midlands to Carlisle in the North.
It represents Volkswagen, Audi, Land Rover, Jaguar, SEAT, CUPRA, Peugeot, Honda and Volkswagen Commercial Vehicles, plus operates five Motor Match non-franchised locations.
The family dealer group was founded in 2003 by Michael Smyth and is now run by him and his three sons David, Peter and John.
Peter Smyth said: “Despite declining profits from our all-time highs in 2021, I believe that our results outperformed many of our peers in the sector. Looking ahead to the rest of 2023 and beyond, we have seen an encouraging performance in Q1 this year, with results that exceeded expectations, especially when considered against the backdrop of the cost of living crisis, rising inflation and interest rates.
“We have a strong financial footing, leaving us poised to maximize opportunities and overcome challenges, while OEMs consolidate and reorganize during the planned introduction of the agency model.”
Pictured (left to right) are Peter, David, Michael and John Smyth.
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