United Transport group profit down by £321,000
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• The group profit, before tax, of the United Transport Co. Ltd. in 1967 was £3,711,000, compared with £4,032,000 in 1966, despite a sizeable credit arising from devaluation. The net profit after tax was £1,182,000 in 1967, compared with £1,509,000 in the previous year; the 1967 profit was further reduced by a loss of £134,000 arising out of the disposal of an overseas subsidiary.
The UTC and its United Kingdom subsidiaries contributed £497,000 to the net profit, while United Transport Overseas and its subsidiaries provided £685,000.
The chairman's statement records that in spite of national conditions and the effect of ever-rising costs, the Bulwark United Transport group improved its results, showing the advantage of modernizing the fleet and its facilities; last year some E900,000 was spent on new vehicles, Despite further restrictions such as the loss of investment allowance, Mr. D. Lloyd Jones looks forward to a further improvement in results in the current year.
Commenting on the Hixon accident involving a vehicle belonging to Wynn's (a UTC subsidiaryi the chairman says the report is being carefully studied by the management of the Wynn group, in whom the UTC board "has complete confidence. He also pays tribute to the courage of the vehicle's crew in attempting to move the vehicle at great risk to themselves.
Commenting that closure of the Ruislip factory has enabled Duramin production of containers, bodies and trailers to be concentrated at the Lydney works, the chairman reports that enough orders have now been obtained for the whole of the extended production capacity for containers to be fully employed.
The overseas companies had a difficult year, the consolidated net profits falling from £3,098,000 to £2,817,000, although there was considerable progress and improved profit in many areas. Jamaican profits were reduced following a substantial wage award, but Canadian Motorways turned in a record profit.