Volvo Cars UK posted a 10.9% decline in its pre-tax profits in 2010, as the government withdrew its scappage scheme.
Pre-tax profit for the year totaled GBP4.9m (US$7.6m).
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The withdrawal of the scheme in February 2010 resulted in a 3.9% decline in sales to private buyers.
The overall turnover increased 21% year on year to GBP736.7m, as the decrease in private sales was offset a 9.2% increase in sales to corporate customers.
The carmaker’s market share increased marginally to 1.84% from 1.75%.
According to the company’s directors: “The outlook for 2011 remains uncertain given the increase in VAT to 20%, the introduction of the government’s austerity measure and an ongoing weakness in consumer confidence.”
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