A sharp decline in the number of new and used Citroen cars being sold in 2024 contributed to the brand’s revenue being cut by more than £400m.
For its latest financial year, the Coventry-headquartered firm’s revenue fell from £1.2bn to £792m, new accounts filed with Companies House show.
Citroen’s revenue from the sale of new vehicles slumped from £1.1bn to £737,806 in the year while its income from used vehicles went from £69.6m to £41.7m.
The new results also show its pre-tax profit fell from £33.4m to £27.7m over the same period.
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On its future, Citroen said: “In 2025, we expect the car market to remain static at 1.95m cars and the light commercial vehicle market to decrease by 7.4 per cent to 335,000 vans.
“Total market to decrease 1.3 per cent to 2.285m vehicles.
“The company’s new car performance will be aided by the new models launched in 2025 including new C3 and new C3 Aircrews in petrol, hybrid and battery electric models as well as C5 Aircrews in hybrid, plug-in hybrid and electric.
“In addition, Citroen launches its first motor caravan, the Holidays, entering this promising and growing market and will benefit from updates to Ami, C4 and C4X, all of which receive mid-cycle upgrades during the course of the year.”
The results for Citroen, which is owned by Stellantis, come after new accounts also revealed that sales at stablemate Vauxhall fell from £2.6bn to £2.1bn in 2024.
Over the same period its pre-tax profit also declined from £80.4m to £80.9m.
Separate accounts for the UK division of Stellantis show its revenue for the same financial year increased from £663.2m to £683m while its pre-tax profit rose from £17.1m to £20m.
Other brands owned by Stellantis include Alfa Romeo, Chrysler, Jeep, Fiat, Maserati and Dodge.