Joe Duffy Group sees a profit rise for the ninth consecutive year
Joe Duffy Motors bucks the trend and sees profits rise for the ninth year in a row
The Joe Duffy Group has seen profits rise for the ninth consecutive year of 2.5% or €8.8m on a turnover of €294 million, despite the weakening new car market which actually declined 4.4 per cent.
According to the Joe Duffy chief executive, Gavin Hydes, the group is continuing to see a growth of up to 5 per cent to €131 million in its used car sales. The company even had an aftersales turnover of €39 million which was a 14 per cent increase.
Used vehicle sales at the group were up 5 per cent to €131 million, while aftersales turnover rose 14 per cent to €39 million, for 2018.
During last year, the company invested in three new showrooms at its main headquarters in North Dublin, showcasing BMW, Porsche and Volkswagen. It also acquired Motorpark in Athlone back in September which focuses on the Ford and Volvo Franchise.
The Joe Duffy Group
Total Employees: 450
Car Brands: 17
Total Stock: €61.23 million
New Vehicles: €38.6 million
Used Vehicle: €21 million
Parts: €1.6 million
Commenting on the state of the Irish car market, the company made the following public statement:
Mr Hydes of the Group went on to say that they have a strategy in place which they see as achievable where they plan for 22 businesses, 700 employees with €500 million in annual turnover. They feel that if it were not for the weakening new car market in the last four years, they would have already reached this target.
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