THC report
Page 24
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Roadferry Ltd increased profitability over-all despite higher costs and a considerable pressure on rates.
Lawther and Harvey Ltd improved profits despite a difficult trading year. Although the trading level was below expectations, Harold Wood and Sons Ltd. substantially improved profitability.
Of associated companies, Northern Ireland Carriers Ltd overcame teething troubles and reached a sound and profitable basis and Tartan Arrow Service Ltd continued to expand its business.
On the road passenger side the profits of £14.4m were made up, with comparable profits for 1967 in brackets, as follows: Tilling £4.7m (£3.7m), BET (10 months) £6.3m and Scottish £3.4m (£3.2m).
These groups control about 25,000 vehicles and provide about 80 per cent of the "stage carriage" class of services apart from the services of municipalities and London Transport.
The report says that the smoothness and lack of upset with which the changeover was accomplished reflected the utmost credit on the way it was planned and on the attitude of mind of those concerned. The loss of efficiency that might have resulted did not occur; indeed the profits of the ex-BET companies actually increased during the year.
Tilling Bus Companies' express services again declined and "stage carriage" operations, too, levelled off at a lower level than for some years, but excursions and private hire work increased. The smoothness of the changeover was a feature of the BET picture and the Scottish Bus Companies group continued to command a major share of available business, in the field of tours. private hire and contracts work.
The manufacturing subsidiaries Bristol Commercial Vehicles Ltd. (bus chassis) and Eastern Coach Works Ltd (bus and coach bodybuilders) produced gross receipts of £3,407.000 (£3,325,000 1967) and £2,265.000 (£2,330,000) respectively. A 25 per cent shareholding was held in both companies by BLMC. profits for the year (before taxation) were: Bristol £88,000 (£52,000 1967) and ECW £145,000 (£167.000). The outside shareholding enabled the companies to build for non-stateowned operators.
(Transport Holding Company Annual Report and Accounts, for the year ended December 31, 1968, HMSO 9s 6d.)