Donnelly Brothers is forecasting that the brand new automotive market in Northern Eire will fall by 30% as sellers transfer from ICE to electrical autos.
It mentioned the charging infrastructure was lower than the job and would hinder new automotive gross sales.
“The [transition] will impression the standard fashions of shops and producers and be difficult for shoppers, notably in Northern Eire the place the charging infrastructure rollout shouldn’t be on the stage required to help the know-how transition.
“We think about that this know-how transition will dampen the general demand for brand spanking new autos and the market in Northern Eire within the medium time period shall be 30% decrease than the historic developments.”
Donnelly Bothers made the feedback in its outcomes filed at Corporations Home which noticed pre-tax earnings of £5.3m (2022: £5.9m) on turnover of £352.3m (£264.4m).
It mentioned the 12 months was “very passable” given lowered client demand due to the financial situations and new automotive provide constraints.
“2022 additionally noticed an additional discount inn financial institution debt of £3.3m and an total web debt discount of £5.8m, barely forward of 2022 deliberate reductions, additional strengthening our steadiness sheet place. Web belongings are £27m, up from £23m in 2021.”
Wanting forward it mentioned the market was going to be troublesome. “We anticipate 2023 to be a difficult 12 months with provide constraints and the scarcity of obtainable used inventory as a consequence persevering with the market already impacted by the financial impression of excessive inflation and rising rates of interest.”