Agnew Group Achieves Record Profits

Discussing the Agnew Group’s 2021 accounts, Yuile Magee, Group Managing Director at Agnew Group, says:

“2021 was a year which brought record results for the Agnew Group despite operating in an environment which presented a series of challenges, not least COVID-19 completely closing showrooms at the start of the year.

“The Agnew Group delivered £22.75m Profit Before Tax (PBT) in 2021, a 48% increase on 2020’s figure of £15.35m. Overall group turnover sat at £477.4m in 2021 in comparison to £437.1m in 2020, an increase of £40.3m. 

“The whole Agnew team deserves credit and the Board's wholehearted thanks for delivering these results and adapting to tough conditions.

“The strong 2021 performance was assisted by the imbalance between supply and demand in the used vehicle market which resulted in unprecedented appreciation of used vehicle values. 

“As a result of strong trading during 2021 the Board took the decision to repay all of Coronavirus Job Retention Scheme claims received in respect 2021. 

“A series of efficiencies and learnings from forced closures in 2020 which were integrated into our business model to enhance agility are continuing to pay dividends.  

“Despite an incredibly challenging year of navigating the pandemic, Brexit, commodity and supply chain pressures, results were enhanced by prudent management of operating costs and optimal portfolio management.”

The Agnew Group represents nine manufacturers across 15 locations in Northern Ireland. It also operates Agnew AutoStore in Portadown, Agnew Leasing (Contract Hire & Leasing), TPS (VW Group Trade Parts), Agnew Repair Centre (Bodyshop), Agnew Trade Centre (Trade Auction Site) and Agnew Car Buyer – in line with the company strategy of operating the right brands in the right locations.