Published: November 7, 2019 | Updated: November 7, 2019
Choppy waters for Ocean Automotive as motor retail and repair business plunges into the red
One of Dorset’s biggest motor retail and repair businesses reversed into the red in its latest financial year.
Ocean Automotive (Holdings) Ltd, which operates Poole Audi, Volvo Cars Poole and Poole Accident Repair, made a £178,778 pre-tax loss in the 12 months to December 31, 2018.
The figure compares with a profit of £909,889 in the same period the previous year.
Turnover fell from £145,202,999 in 2017 to £141,853,616 last year, a decrease of £3,349,383.
Overall gross profit was 9.8 per cent, a fall of 0.1 per cent.
The group strategic report, accompanying the full year accounts filed with Companies House, said: “The directors consider that 2018 was a challenging year brought on by supply constraints surrounding WTLP (Worldwide Harmonised Light Vehicle Test Procedure) with the Audi brand which had a detrimental impact on profitability.
“However, the directors are confident that once we have worked through the effects of this supply issue and any future impacts of RDE (Real Driving Emissions) in 2019, we will return to improved levels of profitability.”
The report pointed out that Volvo Cars Poole relocated to the group’s existing property in Ringwood Road after a redevelopment which began in 2017.
It added: “This has created a large statement site for the brand on the South Coast, allowing it to capitalise on opportunities that exist for the brand.
“The directors are confident of a much-improved financial performance once the business has settled into the newly developed site.”
Ocean Automotive (Holdings) Ltd also operates Yeovil Audi and Yeovil Accident Repair.
Directors’ emoluments during the year totalled £448,517 with the highest paid director receiving remuneration of £223,411, an increase of £53,912 (+31.8 per cent) on the previous year.
Fees paid to the group’s auditor, Mazars LLP, and its associates, for the audit of the annual accounts, were £29,775 with a further £3,800 for other services.
- Last month Poole VW dealer Breeze blamed the introduction of WTLP for impacting on new vehicle sales in the second half of 2018. Full story at: https://www.dorsetbiznews.co.uk/motor-group-breeze-hits-storm-winds-to-record-488000-loss-but-turnover-rises-to-80m/