Company Snapshot: Isaac Agnew Holdings Ltd
Group trying to get back in fast lane
Isaac Agnew Holdings is one of the largest vehicle retailing companies in Northern Ireland.
The accounts of the Group reflect the consolidated business of car dealerships on fourteen different sites which hold the franchise for nine different vehicle manufacturers.
There are ten subsidiary companies, six of which are 100% owned by the parent company and four others with significant shareholdings.
The most recent notified change came when the holding company disposed of a 50% interest in Agnew Financial Services to Prestige Insurance Holdings and this business is now accounted for as a joint venture.
In the early years of the last decade, up to 2007, turnover in the Group nearly doubled in the five years from 2002.
The recent recession particularly affected the sales of vehicles and in the successive years 2008 and 2009 recorded turnover fell sharply by 8% and 12% in each year.
A modest recovery took place in 2010 when sales increased by 7%.
In parallel, operating profits have fluctuated.
Unusually high operating profits in 2007 of £12.7m dropped sharply in 2008 to just £1.5m.
Operating profits recovered to £8.9m in 2009 but fell again in 2010 to £4.4m.
The operating profit in 2010 was calculated after taking account of a write-down of £3.7m on the value of property in Titanic Quarter.