Pre-tax profits at one of the biggest car dealer groups in the country, the Joe Duffy Group, last year by 23% to €36.52m.
New consolidated accounts show that JDM Automotive Ltd last year enjoyed the increase in pre-tax profits as revenues rose by 19% or €87.6m from €457.32m to a record €544.93m.
The business celebrated 50 years in business last year.
The directors stated that "2022 was our 15th consecutive year of turnover and profit growth" and last year recorded earnings before interest, tax, depreciation and amortisation (EBITDA) of €41.26m.
The group operates 23 dealerships and represents an extensive franchise portfolio including BMW, Audi, Mazda, Volkswagen, Ford, Land Rover, Jaguar, Volvo, Porsche, Lotus and Kia.
Employee numbers last year increased by 77 to 597 and staff costs increased by 15% to €25.45m.
The directors, which include CEO and majority owner Gavin Hydes state that they believe they have "a strong platform to continue to grow our operations".
They state that the group is operating in an inflationary environment.
"However, we remain cautiously optimistic about the future and will maintain our prudent approach in managing our cost case as we navigate the economic and consumer demand uncertainty," the directors added.
The directors add that they "plan to benefit from the consolidation that we are expecting from within the retail automotive sector".
At the end of December last, the group had shareholder funds of €95.53m, which included accumulated profits of €91.02m.
The business's cash funds last year increased from €21.86m to €25.26m.
The business continued to expand in 2022 with the January purchase of CAB Motor Company Ltd. The group last year recorded post tax profits of €31.94m after paying corporation tax of €4.5m.
The group last year recorded other operating income of €2.43m, made up of Government grants of €1.788m and manufacturer support income of €400,000 and other operating income of €255,685.
Directors' pay last year declined from €676,983 to €580,770. The pre-tax profits take account of non-cash combined depreciation and amortisation costs of €3.94m.
Reporting by Gordon Deegan
