VOLVO dealer Ian H Cameron, which trades as Strathmore Motors, has experienced a 12 per cent jump in turnover for the year ending May 31, noting improving trading conditions in the period.
In a Companies House filing, it said all departments reported higher year-on-year sales, with the total for the year reaching £14.5 million, up from £13m.
Based in Perth, it is the oldest Volvo retailer in the UK, and its pre-tax profit on ordinary activities reached £345,954, down from £359,404 in the prior year.
Gross margins dropped by one per cent, "resulting in operating profit remaining in line with the prior year". Operating profit in fact dropped by £6,054 to reach £331,974.
Headed by owner and chairman Douglas Cameron, the average number of staff including directors totalled 36, up from 34 in the prior year, and staff costs reached £859,454, up from £776,833.
Costs of sales amounted to £12.9m, compared to £11.4m 12 months previously, and administrative expenses increased to £1.3m from £1.2m.
In the filing, the company, said it "retains an exceptionally strong balance sheet, being substantially cash-positive" with net current assets of £2.8m.
Total assets less liabilities amounted to £3.2m at May 31 this year, compared to £3.1m 12 months previously, and interim dividends of £120,000 were paid in the year, compared to £100,000 in the previous year.
Overall the latest 12 months was "another successful trading year," and the business environment is "expected to remain challenging and competitive," according to the accounts.
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