Sinclair Motor Holdings turns in strong results in year of expansion

Sinclair Motor Holdings turned in a strong performance in 2022 with pe tax profits up 0.6% to £12.6m and turnover ahead 2.8% to £559.5m

Last year saw it acquire Shukers, which represented Land Rover in Aberystwyth and Ludlow, and Hyundai in Aberystwyth.

In results filed at Companies House managing director Andy ‘Sinclair said the Shukers acquisition was a “great opportunity” for its further expansion.

“With the acquisition we were able to double the representation points of our Land Rover business, and in doing so strengthen a key part of our group.

“We were also able to launch our very first Hyundai business, which is a brand we are very excited to add to the group.”

“The Hyundai brand is going from strength to strength in the UK and we are very proud to add this to our portfolio of strong brands.

“These new sites result in our geographical coverage extending in Wales further north to Aberystwyth, and in Ludlow having our first business across the border into England.”

Sinclair commented on the shortages experienced in the new and used car markets in 2022 but said profit per unit was higher than usual.

“Due to a shortage of product supply, our unit profitability result was far ahead of expectations, and this uplift in unit profit more than compensated for the lack of volume. The result was our new car departments performed ahead of budget-ed expectations and had a strong result in 2022.

“The lack of new car production created a similar picture for our used car departments. Availability of used car stock has been a constant challenge, and as a result our stock holdings across the group have been lower than we would normally expect.

“However, again due to a scarcity of product, the profit retention per vehicle has been ahead of budget-ed expectations, and our used car profitability has benefited from this. The result was a very strong used car performance across the group for 2022.

Sinclair said it was able to assist staff financially in the lead up to Christmas with the cost of living crisis.