In 2023, Joe Duffy Motor Group witnessed a 7 per cent raise in turnover, escalating from €544 million to €583 million, relative to the preceding year. The up-to-date financial records for the group indicate yet another consecutive growth, the 16th in a row to be precise in turnover, and net profit reaching €39.353 million from the €37.315 million in the previous year.
The company’s administrative report highlights its continued investment strategy in the market for electrically powered vehicles and their aftercare. Furthermore, the expansion of its mark on the used vehicle market stands as a future aim, primarily through its digital platform, ZuCar.
JDM Automotive Ltd, a part of the group, marked a 4.03 per cent ascension in gross profit in 2023, coming to an impressive €37.998 million, up from the earlier €36.525 million. However, while profits saw a noteworthy increase, the underlying cost of sales witnessed its own boost, escalating to €528 million in 2023 from €494 million in 2022.
By the culmination of 2023, the group had a stockpile valued at €89 million, divided into €30.5 million in used vehicles, €56.5 million in new, and €2.7 million devoted to spare parts. This, indeed, marked a hike in the overall stock value relative to the previous year, which was reported at €85.7 million.
The company paid out a considerable €28.6 million towards staff costs by 2023’s end. This saw an unmistakable surge from the afore €25.4 million the year prior, and now the company houses an average of 602 employees.
In terms of workforce distribution in 2023 within the company, the sales division saw a reduction to 114 personnel down from 120 in the former year, whereas, the service division rose to 321 personnel from 311. A minor uptick in the administrative department’s workforce was also noted, with an increment from 166 to 167 employees.
In 2022, the collective obtained €1.78 million to mitigate the detrimental effects of the Covid-19 pandemic, yet in 2023, the firm didn’t receive any government subsidy. Spanning across Ireland, the conglomerate has a presence in 22 places, including Dublin, Navan, Cork, Drogheda, Athlone and Limerick. A request for a statement was made to JDM Automotive.