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Waylands Automotive turned in a strong performance in 2022 with pre-tax profits up 14.9% to £3.1m on turnover up 35.2% to £168.4m. On a like for like basis pre-tax profits were down -14.2% to £2.3m on turnover down -2.7% to £94m.
The group delivered new car volumes of 1,807 (2021: 1,724), used car volumes of 2,333 (1,904) and aftersales revenue of £15.1m (£11m), according to accounts filed at Companies House.
During the year, the group launched Waylands Academy and the Waylands PGS24 month programme for sales staff.
“In addition to this scheme, wider engagement with apprenticeship programmes across digital sales, marketing and technicians have been extremely successful across all streams of the business,” said Waylands Automotive CEO John O’ Hanlon.
Waylands has invested heavily in its five Volvo businesses, and it is now looking to do the same with Kia.
“Following the completion of the Volvo programme, investment will move into Kia, with both businesses receiving full refurbishments in 2023 to meet new brand guidelines.
“By June 2023, every business will have received refurbishment within the last four years, ensuring a high standard of facilities throughout.”
Waylands now has Volvo, Kia and MG dealerships in Reading, Newbury, Swindon, Oxford and Bristol and also acts as an agent for Polestar.
Looking to 2023 it said: “Trading has performed significantly ahead of expectation throughout the first quarter of 2023 and the directors are forecasting good levels of profitability in the forthcoming year.”