Foden drives ahead
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FODEN, the Sandbach-based commercial vehicle manufacturer, has taken a giant stride along the road to recovery by moving back into the black.
Last week the company reported that in the 28 weeks to October 16 there was a pre-tax profit of £343,000 against a loss of £797,000 for the same period in 1975. The directors said that this trend will continue and the company will finish the year reasonably well. Sales moved up from £13.44m to £22.91m and output is also increasing. There is a growing emphasis on exports, and military vehicles are now being delivered in considerable quantities. The company is still operating within a strictly controlled and planned cashflow. Increased output is being maintained within available resources.
In July 1975 Foden was bailed out by a City cash injection of £3.17m. There was a loss of Elm during 1975/76, when sales totalled £28.62m. A single dividend of 0.65p per 50 pence share was paid.