A PROGRAMME of selling off non-core business to concentrate on key franchises has been announced by European Motor Holdings as it recorded a £1.4 million hike in profits. In the year to March 31, the firm recorded pre-tax profits of £10.2 million, up 17% from last year's £8.8m. Turnover rose 21% to £470.4 million (1997: £390 million).
The motor retail division recorded operating profits of £12.2 million, up from £8.8 million for 1996/1997. It has since shed two Renault dealerships, but during the year, it opened two new dealerships for Volvo, two for Jaguar and one Audi. It has 52 dealerships, including the Malaysian-built Perodua Nippa small car, although its stock in trade is BMW, Jaguar, Volvo, Mercedes and Audi.
The motor services division, principally vehicle cleaning business Wilcomatic, enjoyed less success, with profits at £0.6 million, down from £1.9 million in 1997, leaving a question mark over its future.
The motor retail division recorded operating profits of £12.2 million, up from £8.8 million for 1996/1997. It has since shed two Renault dealerships, but during the year, it opened two new dealerships for Volvo, two for Jaguar and one Audi. It has 52 dealerships, including the Malaysian-built Perodua Nippa small car, although its stock in trade is BMW, Jaguar, Volvo, Mercedes and Audi.
The motor services division, principally vehicle cleaning business Wilcomatic, enjoyed less success, with profits at £0.6 million, down from £1.9 million in 1997, leaving a question mark over its future.
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