Profits increase at Gates
Business / Thu 29th Oct 2020 at 03:13pm
PROFITS have jumped at new and used Ford specialist Gates Group, although revenues declined, newly filed accounts have revealed reports Insider Media.
Gates Ford can trace its roots back 100 years and is headquartered in Essex.
In the year to 31 December 2019, Gates turned over £210.3m, down from £234.1m 12 months earlier.
However, pre-tax profits climbed to £3.2m from £1.99m
A statement signed off by directors said the business performed “strongly” amid “challenging trading conditions” within the automotive retail sector.
“Following a period of significant growth through acquisition, 2019 was a year of consolidation and operational improvements.”
It added that while Covid-19 had impacted a “strong” start to 2020, Gates has returned to “facilitate unprecedented demand” from June to August.
Directors also took the decision to close two dealerships, transforming one location into a group vehicle preparation centre.
The statement said that the impact of the pandemic “cannot be underestimated” but “a strong balance sheet, adaquete liquidity, a committed loyal workforce and a swift response by directors” has enabled an “effective return to work”.
Gates has sites in Harlow, St Albans, Stevenage, Bishop’s Stortford, Woodford and Enfield.
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