Outlay puts GMB in the red
6th September 1990, Page 19
6th September 1990
Page 19
Page 19, 6th September 1990
— Outlay puts GMB in the red
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Keywords :
Westwell, Business / Finance
• Greater Manchester Buses has recorded its worst result to date, with a post-tax net loss of £5.83m.
The company made an operating profit of £605,000 on a turnover of £111.5m in 1989 — but faced a £6.6m outlay on re-organisation and replacing obsolete equipment.
Chief executive and managing director Alan Westwell is confident about the future: "We have undergone a major restructuring process which devolved management to the depots, and the fruits of this exercise are now becoming visible," he says. In 1987, its first year of operations, GMB made an operating loss of 21.7m — in 1988 it was in the black.
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