Cork-based Kearys Motor Group posts record €320m turnover while rising costs hurt profits
Bill Keary, Chairman and Brendan Keary, CEO of Kearys Motor Group. Pic Daragh Mc Sweeney/Provision.
Another boost in post-pandemic demand saw revenue at Cork-based Kearys Motor Group surpass record levels in 2024, rising by 14% to €320m.
Newly filed accounts by MRBP Motors Unlimited Company, trading as Kearys Motor Group, show the company's turnover rose by almost €40m in the 12 months ending in February 2024, with the group saying it "performed well," aided by "strong customer demand."
Operating profit in the year totalled €7.2m, down from €8.5m in 2023, with the group's pre-tax profit also dropping, falling by almost 25% to €5.3m.
“It has been another successful year for the group,” said CEO Brendan Keary.
“We are delighted to work with a great team of almost 400 people and with leading brands in the motor sector. We have seen growth right across the group’s dealerships and in our leasing business."
Speaking on the company's record turnover, Mr Keary told the "This reflects growth across the group’s dealerships and the first full year of our Dublin based Kearys Renault Belgard business, which we acquired from Renault Ireland during the previous financial year.”
Group financial and commercial director Brian O'Brien added that last year's performance reflected another year of very strong growth, with both traditional and electric cars performing well in the period.
In its results, the Cork-headquartered motor group said it incurred higher operating expenses arising from increased wage and salary costs, hurt further by higher depreciation charges arising from additions.
"These factors resulted in a reduction in the Group's operating profit and profit for the financial year compared to the prior year," Kearys said.
The group's gross margin was also lower compared to 2023, falling to 5.5% from a previous 6.1%, with its earnings before interest, tax, depreciation and amortisation (Ebitda) also falling short on last year, dropping by 8% to €10.9m.
Staff numbers in the year remained steady following a major uptick in employees in 2023, with the group employing an average of 381 people throughout the financial year.
Wages and salaries paid by the group totalled almost €17.9m, up from €16m in 2023.
The directors remuneration grew significantly in the year, rising to €817,688 from €507,013 in 2023. The company had two listed directors at the end of February 2024.
Established in 1985, Kearys is the largest family-run dealer group in Ireland, with operations across Cork, Limerick and Dublin. The multi-franchised business sells BMW, Dacia, Hyundai, MINI, and Nissan, and last year, acquired Dublin-based Renault Retail Group Ireland.
Kearys also acquired certain assets related to the Cork Rent-a-Van business in 2023, with the directors adding that the company would "continue to explore opportunities for growth for the group."
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