Listers profits hit £40.5m with strong margins on new and used cars

Listers Group delivered increased pre-tax profits of £40.5m and turnover of £1.29bn in the year to March 2023.

This compares with pre-tax profits of £39.4m on turnover of £1.24bn the prior year.

The profit included government business rates relief amounting to £100,000. The profit for the preceding year included £3m business rate support and local authority grants.

During the year its new vehicle sales fell by 4.7% and used by 10.8% but it enjoyed higher margins on both.

“Increases in the average sale price of both new and used vehicles, together with an increase in aftersales turnover of 9.7%, have contributed to an increase in overall group turnover to £1.29bn. The group’s overall gross margin was 15.1%,” it said in results filed at Companies House.

Listers said the new car supply shortages caused by the war in Ukraine and semi-conductor constraints were easing and were expected to continue to improve in the foreseeable future.

“The reduced supply of new vehicles has been mitigated by strong margins from both new and used vehicle sales,” it said.

A dividend of £10m was paid during the year. In a post balance sheet note it said a dividend of £8m had been paid since the year end.

On June 30 this year Listers bought a Lexus dealership and two Toyota dealerships in Bristol from Constellation for £7m. The company employed 2,041 in 2023.

Listers was founded by Terry Lister and Keith Bradshaw in 1979 in Coventry,