Published: 00:01, 10 November 2017
| Updated: 10:20, 10 November 2017
Mercedes-Benz van and lorry dealer Sparshatts of Kent more than doubled profits last year as it was given a bigger bonus for hitting its manufacturer’s sales targets.
The business also increased turnover by 13% to £88.3 million thanks to higher vehicle and parts sales, plus more servicing work.
Its parent company Sparshatts Holdings revealed pre-tax profits grew by 138% to £1.9 million, according to its latest annual accounts.
This was helped by a manufacturer’s bonus for achieving dealer targets, which boosted its other income by 6% to more than £2 million.
However, its expenses also increased due to a higher staff costs, higher vehicle costs and rental costs for its new premises in Dartford.
The firm, which employs about 200 people, saw its wage bill increase by 6% to £6.6 million.
Gross profit increased 17% to £10.3 million at the company, which has a dealership in Sittingbourne and parts and servicing sites in Tonbridge and Ashford.
In their company report, directors Mark and Andew Sparshatt said they were “very pleased” with its profit and “hopeful of further future growth”.
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