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A Scottish car sales and repair company founded more than six decades ago has reported a rise in turnover.
The East Lothian firm increased turnover to £13.4 million during a period which saw a trade vehicle “purple patch” but faced an overall loss amid increased costs.
The Wallyford firm founded by John Martin in 1964 in a garage in Edinburgh posted a 5% rise in turnover from £12.8m the year before in its annual results to December 31, 2025.
John Martin Holdings Limited encompasses both John Martin Assets Limited and John Martin Group Limited. John Martin Group Limited is a motor trade dealership comprising Belmont Suzuki, Belmont KGM and Belmont Approved.
The company, which had an average number of employees of 20, set against 21 the year before, reported staff costs of £761,668 in 2025, compared to £680,788 in 2024.
Profitability after tax for the group decreased from a 2024 profit of £114,000, to a 2025 loss of just over £10,000.
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The directors said: “The most challenging business aspects throughout the year, most certainly related to the motoring side of the business.
“Continued volatility in vehicle manufacturing bonus structure and payment, combined with erratic model supply across the range made adherence to budget mix a difficult task.
“In 2024, restrictions on internal combustion vehicles (ICE) registrations in the UK, resulted in many manufacturers having their registrations ‘capped’ for most of the second half of the year.”
The directors continued in the strategic report: “Whilst this had improved a little in 2025, the more limited petrol stock and the introduction of compulsory, targeted electric vehicle model mix, resulted in the Suzuki manufacturer struggling to maintain a level of volume bonus, as often the stock that was available to them, couldn't sustain as big a financial reward to the dealer.
“Used car profitability improved, seeing a gross profit improvement of 58% on the previous year. Improved result on demo and trade stock, along with our new Belmont Approved brand all helped in this area.”
Purple patch
They added: “It's worth noting however, that this purple patch on trade vehicles, was showing signs of decline towards the end of the year, and early signs in 2026 have shown residual values experiencing a downturn.
“As a main dealer, our stock position will always be measured against ex-fleet disposals through the auction, and after 2024, we are constantly aware of the need to address value realignment of stock where and when necessary to balance our inventory.”
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The firm said that to enhance operating resilience in 2025, the John Martin Group added KGM to its franchise portfolio.
“It was anticipated that the volume of sale from this product, would address any shortfall from a potentially more limited availability of Suzuki product,” the firm said. “This was certainly the case, with commercial vehicle sales being very profitable, an area of the business that was a completely new revenue opportunity.”
The directors said: “Unfortunately, the recent Government revision on company car tax, had a significant effect on pick-up drivers. This in turn has had a national negative effect on the sale of pick-up vehicles.
“To maintain our used car gross per unit, as well as developing a market opportunity, the group have increased the footage of the Belmont Approved showroom in Wallyford, specialising in vehicles at a lower budget.”