Pre-tax profits rose at Furrows Holdings by 36% in 2020 to £1.5 million, although revenues slumped from £110.3m to £84.2m.
The Shrewsbury-based car dealer group, which has dealerships representing Ford, Mazda, Kia and Skoda at Oswestry, Shrewsbury and Telford, noted that after the first lockdown its performance from June to October was stronger than forecast.
“Despite the reduction in activities in November as a result of the second lockdown in England, the group was able to achieve and exceed targets,” states its latest accounts filing at Companies House.
“Diversification within the group and the motor dealership trade itself, combined with the significant contribution of a great number of people throughout the business, and strong partnerships, enabled what by many measures was a strong performance for the year.”
Furrows’ board of directors continued: “Performance is always a product of the commitment and dedication of people, and this year was no different, but it did once again highlight the considerable strength within the business and the communities we serve.”
The business benefitted from £1.5m in Government grants during 2020, and its average monthly number of employees rose from 316 to 335, its Companies House records show.
“The group continues its strategy of reinvestment, with profits generated in the year being retained in the business,” wrote chairman Nic Coward (pictured).