Motor dealer group Mill North East, which has a showroom at Preston Farm in Stockton, has announced pre-tax profits of £803k, as the company announced its financials for 2014.
Results also revealed turnover of £98m, continuing a reported positive trend since owners, managing director Bill Ward and chairman Bob Nicholson, led a management buyout of the business in 2008.
The company, who this year celebrates 50 years of selling Volvo cars, is looking forward to one of the most significant years in its history.
The launch of the all-new XC90 sports utility vehicle in early summer and the start of a significant refurbishment programme across the Mill group are expected to contribute towards a year of substantial growth.
Mill Garages North East joined forces with the Swedish car maker in March 1965 and has since sold close to 3,000 new Volvos a year from showrooms in Newcastle, Sunderland, Stockton and Harrogate.
Mr Ward said: “Our results are again good news for the business, the North East and North Yorkshire and we’re delighted the positive momentum is continuing into 2015.
“We are extremely proud of our 50 year partnership with Volvo and to have grown and developed in the region, where Mill has become synonymous with the Volvo brand.”
Mr Ward, the face and voice of television adverts in which he urged customers ‘Now is the time to choose Volvo’, said the company expects to sell its complete allocation of the new XC90 this year.
“It’s an outstanding family car and the motor press insist it should be on everybody’s shortlist,” he added.
“Pre-orders are strong on the back of great reviews, including one that describes it as ‘a brilliant mix of SUV and MPV; a seven-seater that looks cool and offers terrific utility inside’. We’re expecting demand to be very high.”
Finance director Simon Hewitson said the new model would add to the company’s encouraging first quarter, building on seven years of profitable growth.
He said: “As a company we’ve seen a strong performance which, in the market conditions, we’re happy with. We’re confident that the all new XC90 will be a great catalyst for our performance this year.
“The growing popularity of the Volvo brand, alongside our strong aftersales performance, gives us confidence to commit to a major showroom refurbishment programme.
“We will be investing £500k into our Stockton dealership later this year to bring a new retail experience to our customers, and are looking forward to further growth.”
Chairman Bob Nicholson added: “The company is now in a position to invest in new staff and technology in order to enhance our position in the market place and move the Volvo franchise to the levels that all of the new product deserves.”