Sales at the UK arm of car making giant Toyota jumped by almost £600m to pass £3.5bn during its latest financial year despite a drop in market share. The Surrey-headquartered company’s revenue for the year to 31 March, 2024, increased from £2.
9bn to £3.5bn, according to newly-filed accounts with Companies House. The UK market share held by Toyota and Lexus in the 2023 calendar year dipped by 0.
1 per cent to 6.5 per cent. The new results also show that its pre-tax profit dipped from £17.
8m to £11.5m in the year. The group’s UK turnover increased rom £2.
8bn to £3.4bn in the financial year while it also rose from £25.2m to £26.
1m in Europe. However, it dipped from £7.9m to £4.
3m in the rest of the world. A statement signed off by the board said: “The company’s overall financial position partly recovered from last year’s actuarial losses on the pension scheme caused by the turmoil in the financial markets, with net actuarial gains of £6.7m, in addition to the profit for the year of £6.
9m. “The company’s working capital position was maintained, with an increased level of stock, due to an increased choice of powertrains (EV and PHEV) vehicles as well as new models (Lexus and LBX), offset by [an] increase in the related intercompany borrowings.” On its future, Toyota added: “We consider there will be a marginal increase in the overall automotive market compared to 2023 levels, although this may be impacted by current economic conditions and also the Z.