The Joe Duffy Motor Group recorded a 34 per cent increase in turnover last year to €113.3 million, up €29 million on 2012.
The Irish motor retail giant’s pretax profits for 2013 came to just over €2 million, a 64 per cent increase on the previous year.
This was during a period when the overall new car market fell by 7 per cent.
The group is now one of Ireland's largest dealer networks with nine outlets handling mainstream brands such as Ford, Mazda, Seat and Volkswagen along with premium brands BMW/Mini, Audi, Volvo, Land Rover and Porsche.
It’s most recent addition was a new Audi centre in Limerick, which opened last Friday. It’s the group’s first dealership outside Co Dublin.
The directors’ report forecasts group turnover for this year will be over €150 million and it expects to record its fifth consecutive year of profit growth.
For 2015, Gavin Hydes, group managing director, said he is confident the business can benefit from an overall rise in consumer confidence, although he warns that the recovery is still fragile. He predicts a turnover for 2015 of over €160 million.
Mr Hydes said the group expects to invest over €4 million in capital expenditure in 2015, which will include the opening of a new Jaguar/Land Rover dealership in north Dublin, updates of existing premises and the creation of a new Porsche facility.
Airside investment
By the middle of next year the group also plans to open a dealership in the former Bill Cullen premises in
Airside Retail Park
, Swords in 2013. It has not decided on a brand for the site. It already owns the HB Dennis (Volvo and Land Rover) and the McAllister Volkswagen dealerships in Airside.
The accounts show that on December 21st, 2012, it acquired 100 per cent of the share capital of McAllisters Ltd. The total consideration was €425,000. The accounts also record the purchase of Finglas Ford for €179,150 in cash on December 19th, 2013.
By the end of 2015 Mr Hydes expects total staffing levels in the group will be about 350.
