Strong year for Sunderland motor dealer Richard Hardie

Motor dealer Richard Hardie enjoyed a strong 2013 as the market for both used and new cars remained buoyant

Philip Hardie, managing director of Richard Hardie
Philip Hardie, managing director of Richard Hardie

Financial statements for the year to December 31 showed the Sunderland-headquartered company, which employs just over 100 people, grew turnover by 17%, taking it from £39.5m in 2012 to £44.8m.

Operating profit, meanwhile, soared 383% from £113,806 the previous year to £436,093, while profit after tax amounted to £307,238 compared to £54,783 in 2012.

Richard Hardie, a family-run business which has been trading for more than 40 years, operates Peugeot dealerships in Sunderland and Durham and dual franchise dealerships in Ashington and at the Silverlink in North Tyneside.

All feature facilities for new and used car sales, along with serving, repairs and part sales.

The latest results cover a year in which the car market overall grew by 10.77% in volume terms.

During the period, the company made £10,549 of charitable donations, compared to £8.694 in 2012

The directors’ aggregate remuneration, including pension contributions, meanwhile, amounted to £381,821, compared to £403,845 the previous year.

The highest paid director received £152,482, excluding pensions contributions, a reduction of around £14,000 from the 2012.

A reporter with the financial statements said: “2013 provided an increase in demand for both new and used cars and company was able to take advantage of this and the improving economic conditions to increase turnover by 17% and a corresponding 383% increase in operating profit.

“The directors were satisfied with the financial performance achieved in 2013.

“At the balance sheet date, the company had shareholders’ funds of £3,126,153 (compared to £2,926,915 in 2012).

“The directors therefore believe the company’s financial position to be satisfactory.”

Managing director Philip Hardie said: “We are really happy with the way the business has performed over the last 12 months, particularly after focusing on fuel-efficient and environmentally friendly cars that are affordable to the retail customer.

“2013 has been a good year for the motor industry as a whole and Richard Hardie has enjoyed similar performances with increases across all brands.”

The results come shortly after motor dealers Springfield Cars in Washington announced it would take advantage of increased economic optimism in the firm’s first full-year since selling off a sizeable chunk of its portfolio to Vertu.

Both turnover and profits dropped in 2013, but a comparison between the continuing operations’ sales over the last two financial years show a 20% lift in sales at the company.


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