ERF dips into the red
28th June 1990, Page 7
28th June 1990
Page 7
Page 7, 28th June 1990
— ERF dips into the red
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Keywords :
Sandbach, Finance, Edwin Foden, Sons & Co., Erf, Trucks, Man Se, Tax, Road Transport, Business / Finance
• ERF Group's pre-tax profits plunged by more than 50% to 23.27m for the year ended 31 March 1990, from 27.8m last year with a 1989 second-half pre-tax loss of £474,000.
Chairman and chief executive Peter Foden blamed interest rates for the slump in the market, which has hit the heavy vehicle sector badly with a 30% reduction in registrations over 16 tonnes. ERF registered only 249 vehicles last month compared with 416 in May 1989, and its January-June registrations are down from 1,927 to 1,113.
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Peter Foden