Peoples sees 26% profit rise 04 | 03 | 2013

EDINBURGH-BASED FORD DEALERSHIP group, Peoples, has recorded a pre-tax profits increase of 26% in its annual results.

The Ford retail group, which operates seven dealerships across the UK, has again defied the general economic gloom with a rise in both profits and turnover.

Pre-tax profits rose to £2.03 million on turnover which grew by £2.36m to £146.7m, the second-highest performance since the company was founded almost 30 years ago by chairman Brian Gilda.

Peoples employs around 430 staff and has Ford dealerships in Edinburgh, Falkirk, Livingston, Bootle, Prescot, Liverpool and Accrington.

Gilda, a long-time pioneer of innovative business approaches, explained the results had been achieved due to the determination of his directors, management and staff “to not only ride out the uncertain economic conditions but to deliver up the best possible results”. 

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He also detailed that the improved figures — which cover the period to July 2012 — largely reflected an improvement in new car sales, strong cost control and reduced stocking levels.

And Gilda, whose company recently increased its presence in the north west of England through the acquisition of Greyhound Ford in Accrington — rebranded Peoples of Accrington — is also positive about the outlook for the current financial year.

The Scot also suggested the Government could further stimulate the economy and re-energise industry by cutting VAT to boost business and employment across all sectors.  

“What is clear is that consumers rely on the feel good factor," Gilda stated, "and it is quite apparent that they are taking a long hard look at discretionary spending until their own jobs and incomes can be safeguarded."

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Jim McGill