The Midlands-based group has seen its turnover leap from £400million to £467 million over the past year due to a combination of premium brand business with fleets and with former company car drivers swapping their car keys for a cash allowance.
At the group's annual general meeting, chairman and chief executive Peter Whale said: 'In recent months more companies have begun offering a cash alternative to providing the traditional company car, but in our experience, few taking up the cash offer wish to continue driving volume built cars, which have labelled them as company car drivers.
'And those who have always driven luxury marques are less inclined to compromise on motoring performance or comfort by downgrading. Advanced petrol and diesel engines in many specialist marques have attractive carbon dioxide tax ratings for those wishing to retain their company car. This trend reinforces the significant progress we have made in growing our premium brand business and is part of Ryland's ongoing drive upmarket. As long as these trends continue, we believe the group's position offers further growth potential.'
The Ryland Group has more than 45 franchises in the UK and sells brands such as Audi, BMW, Jaguar, Lexus, Mercedes-Benz and Volvo.