Pretax profits at the Gowan Group, best known for its car dealerships, slumped by 28 per cent last year to €15.33 million.
New consolidated accounts filed by the Maughan family-owned Convest Ltd and its subsidiaries show that revenues in the businesses fell by 10 per cent to €532.29 million.
The Group was established in 1969 and is most closely associated with motor distribution through its franchises for Alfa Romeo, DS Automobiles, Citroen, Fiat, Honda, Jeep, and Peugeot here.
The group also includes Gowan Home, Senator Windows and other interests such as property and investment portfolios.
RM Block
In August this year, the Gowan Group expanded its portfolio of brands by adding Leapmotor – one of China’s fastest-growing electric vehicle brands.
The €59.5 million drop in revenues followed the group’s 2023 offloading of its car retail division to the Bright Motor Group, enabling its motor division to focus on wholesale distribution.
The group’s operating profit was 22 per cent lower at €22.19 million. Interest payments of €6.2 million and a non-cash impairment of €637,000 resulted in pretax profit of €15.33 million.
No dividend was paid to shareholders last year. The group had paid a dividend payout of €10 million in 2023.
The directors said they were “satisfied with the performance of the group in the 2024 financial year and are optimistic about the future prospects of the group”.
They said the group “had a successful year in each of the group’s key businesses”, leaving it “in a strong financial position”.
Numbers employed by Gowan’s businesses fell by 19 to 340, with staff costs reduced from €28.45 million to €25.58 million. The workforce comprises 131 staff in sales, 112 in parts/service and warehouse staff and 97 in administration.
Directors’ pay increased marginally from €2.91 million to €2.94 million.
The profit figure takes account of non-cash depreciation costs of €2.64 million. The group spent €5 million on the purchase of tangible assets, following a spend of €2.93 million under that heading in 2023.
Shareholder funds, including accumulated profits, totalled €133.57 million. Cash in the business increased from €13.17 million to €15 million.
