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A.C.V.'s " Year Of Continued Progres!
Page 34
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A NNOUNCING that the gross profit .1-1. of Associated Commercial Vehicles, Ltd., for the financial year ended September 30, 1961, amounted to £1,921,465, an increase of some £400,000 on the previous year, Lord Brabazon of Tara, the company's chairman, said that the year had seen continued progress both at home and abroad. The Group's net profit was £967,588. A final dividend of 11 per cent. had been recommended which, with the interim dividend of 5 per cent. paid in June, made a total of 16 per cent. for ordinary stockholders.
Recalling that A.C.V. had acquired a 10 per cent. shareholding in the Argentine concern of SIAM di Tella Automotores Ltda., Lord Brabazon said that a manufacturing agreement had been concluded with this company, who will be building A.C.V. products under licence. He remarked that since August 1, 1961, orders worth over £5m. had been gained in the Latin American market. in South Africa, A.E.C. sales during the year reached a record level.
The year under review, said Lord Brabazon, had seen a record production of passenger and goods vehicles in A.C.V. factories and there had b stantially increased sales of vehicles and those in the nel goods range. The swift introdu longer passenger models to meet permitted dimensions had broug orders, and abroad the new he passenger chassis, the Regal Mk. enabled the company to break in new markets and obtain vet orders.
Sales of power units had risen home and abroad during the further expansion was expecte. the group's two body-building cc —Park Royal and Charles H. Rt likely to be fully employed, 1 from the present order book.
Lord Brabazon said that, on the company welcomed approach to the Common Ma. said that the opening of a European markets would, they fl than offset increased compet home
The prospects for 1962, he r depended largely on the speed wi the home market recovered fron sent "credit squeeze" condition!