Subaru sales accelerate as UK demand outstrips supply
Sales at the UK company that imports Subaru cars surged by more than 40 per cent during its latest financial year despite demand outstripping supply.
Subaru UK has reported a turnover of £75.9m for 2023, according to newly-filed accounts with Companies House.
The total comes after the business posted a turnover of £48m for the prior 12 months.
Despite the jump in its sales, the Solihull-based firm’s pre-tax profit declined from £3.9m to £1.3m over the financial year.
Subaru UK bosses ‘remain positive’
A statement signed off by the board said: “The directors were satisfied with the company’s progress and performance during the year.
“The current year’s result was positive, albeit the company’s volumes were restricted by worldwide demand for passenger cars outstripping supply, particularly impacting the first half of 2023.
“The company’s working capital saw a move to normalised stock levels and vehicle margins were strengthened as a result of the pound’s strength against Japanese Yen.
“The directors look forward into 2024 positively; Subaru UK has refied its dedicated internal management structure which is positive for the brand and the relationships with the manufacturer.”
It added: “Franchising activity and interest from potential franchisees remains positive.
“The directors remain positive about the future of the brand dan achievement of 2024 budgets.
“The directors are focused on developing the UK network and ensuring it has a sustainable future.
“2024 sees investment of margin in dealer incentives and brand marketing. The board is committed to the brand and looks to adapt to new product and future growth.”
Subaru UK is part of International Motors which also imports cars brands including Mitsubishi Motors and Izizu.
For the same financial year, International Motors reported a turnover of £20m, up from £10.5m, while its pre-tax profit increased from £34.6m to £43m.
International Motors is ultimately owned by billionaire businessman Lord Robert Edmonton.