Accounts recently filed via Companies House show that Gravell’s Limited made a pre-tax profit of £3.58m in the 12 months ending December 31, 2024.
The result represents a decline of almost 30% compared to 2023, when the firm made £4.64m.
Despite the blow, the year saw plenty of reasons to be cheerful for the car dealer, with turnover rising from £130.59m to £147.88m.
The firm also sold 7,924 new and used cars throughout the year – an improvement on the 7,127 it shifted in 2023.
According to the accounts, the group generated turnover of £58.86m from used car sales, while new cars brought in £74.5m.
In a report included in the accounts, bosses said that the business’s performance had been ‘heavily influenced by the fortunes of the franchises it represents.’
They also admitted that issues around EVs had affected both new and used car margins but are now expecting a more ‘stable’ period in 2025.
Director Jonathan Gravell, pictured above, said: ‘The company’s performance is heavily influenced by the fortunes of the franchises it represents.
‘Given the longstanding and successful relationship the company enjoys with each of its core franchises it is considered that such risks largely have been mitigated.
‘The UK new car market experienced fluctuating used car prices during 2024 especially in respect of EV vehicles, which affected used car sales margins.
‘This fluctuation is expected to stabilise in 2025. The performance of the UK economy and relatively high interest rates continue to put pressure on the consumer and businesses looking to replace their vehicle fleets. Economic forecasts indicate an improved position for 2025.’
Gravell’s, of Carmarthenshire, South Wales, has Kia dealerships in Kidwelly, Narberth, Bridgend, Abergavenny, Swansea and Hereford and a dual Renault Dacia site in Kidwelly.
The group is believed to be the oldest Renault franchisee in the UK, first setting up a showroom with the brand in Kidwelly in 1954.
In 2024 the firm employed an average of 159 people – up from 151 – with staff costs totalling £4.87.
Elsewhere, directors’ remunerations came in at £70,517 – up from £62,517 in 2023.
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