Joe Duffy Group profits up 58%

JDM Automotive Ltd. the holding company of Joe Duffy Motor Group delivered strong results for the year to 31^st December 2012 with adjusted pre-tax profits up 58% to €1.23 million from €779,000 in 2012. Turnover increased from €78.9 million in 2011 to €84.46 million in 2012 - an increase of 7 %. The financial performance of the group is extremely encouraging considering the new car market in 2012 at 79,498 units fell by 12 % compared to 89,878 units in 2011.

James O’Neill, Finance Director at Joe Duffy Motor Group said “despite tough trading conditions, falling consumer confidence and a further reduction in the new car market, the Group have delivered a strong performance. These results are a testament to the hard work and commitment of the entire team at Joe Duffy Motor Group.  2012 also saw the completion of the Audi North Dublin ‘Terminal’ style facility. This €10,000,000 investment by JDM Automotive Ltd. further demonstrates our confidence in the long term future of the motor industry in Ireland.”

Despite the continuing downward trend in the sector in 2013, with a new car market of just 75,000 units (a further drop of 6% on 2012 figures), the group is forecasting that turnover for 2013 will increase to €116 million. In tandem with this increase, the career and professional advancement of its people is a priority as the Group franchise portfolio expands.  The Group is keen to provide opportunities for their ‘home-grown’ talent and recruit the next generation of Managers and Leaders from within the team which has grown from 150 in 2012 to 196 in 2013.

Throughout 2012 the Group has continued with their development strategy both organically and through selective acquisition.  On 21^st December 2012, the Group completed the acquisition of McAllister Volkswagen in Airside Motor Park, Swords. In addition, the SEAT franchise joined the Group portfolio in South Dublin, further strengthening the partnership with Volkswagen Group Ireland as manufacturing partner.

The Group’s diversified franchise base demonstrates that Joe Duffy Motor Group is a trusted retail partner to some of the worlds leading automotive manufacturers including Audi, BMW, MINI, BMW Motorcycles, Land Rover, Mazda, Volvo, Porsche, SEAT and Volkswagen.

Commenting on the outlook for the Group, Gavin Hydes Joe Duffy Motor Group CEO said “We are well positioned to benefit from the inevitable recovery of the Irish motor retail market and we remain confident that with prudent controls we will continue to trade successfully in 2014 and beyond”.

“The strength of our balance sheet, our robust business model and the quality of our people and Management team provides us with expertise and flexibility to maximise opportunities that present themselves consolidation in the market continues.   In line with our strategic development plans, working in partnership with key brand partners, we expect to selectively pursue and acquire additional revenue enhancing assets in the coming year”.