Northern Ireland car dealership Isaac Agnew profits fall 9% to £ 7.8million
Pre-tax profits of Northern Ireland auto retailer Isaac Agnew Ltd fell 9% to £ 7.8million as lockdowns took their toll, the accounts of the ‘business.
he company is part of the Agnew group of companies, which operates 15 dealerships in Belfast, Newtownabbey and Portadown.
Its showrooms sell brands such as Audi, BMW, Mercedes-Benz and Porsche.
Its business accounts indicated that new car sales in 2020 were 4,846, down 15.7%, while used car sales were 6,333, down 13%.
Revenue for 2020 also fell 11% to £ 292.7million, with the report saying the falls ‘can be attributed to Covid-19 and the resulting trade restrictions for the company’.
Engine showrooms were considered non-essential retailers during shutdowns to contain the spread of Covid-19 last year, although Isaac Agnew Ltd said its workshops were allowed to open.
The accounts showed that Isaac Agnew Ltd had benefited from government support in the pandemic, including deferred tax payments, business rate holidays and salary support totaling £ 3.6million by the through the coronavirus job retention program. (CJRS).
The Agnew group is part of the British group Sytner, itself owned by Penske Corporation in the United States.