Northern Ireland car dealer Isaac Agnew’s profits drop 9% to £7.8m

Pre-tax profits at Northern Ireland motor retail company Isaac Agnew Ltd fell by 9% to £7.8m as lockdowns took their toll, company accounts have shown.

he company is part of the Agnew Group of businesses, which operates 15 dealerships in Belfast, Newtownabbey and Portadown.

Its showrooms sell brands including Audi, BMW, Mercedes-Benz and Porsche.

Its company accounts said sales of new cars during 2020 were 4,846, down 15.7%, while used car sales were 6,333, down 13%.

Revenue for 2020 also fell by 11% to £292.7m, with the report stating that the falls “can be attributed to Covid-19 and the resulting trading restrictions experienced by the company”.

Motor showrooms were deemed non-essential retailers during lockdowns to contain the spread of Covid-19 last year, though Isaac Agnew Ltd said its workshops were allowed to open.

The accounts stated that Isaac Agnew Ltd had availed of government support in the pandemic, including deferral of taxation payments, business rates holiday and support for wages totalling £3.6m through the Coronavirus Job Retention Scheme. (CJRS).

The Agnew Group is part of the UK-based Sytner Group, in turn owned by Penske Corporation in the US.

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