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• IBC Vehicles, which manufactures the Bedford Midi, Bedford Rascal
Page 15
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and Suzuki Super Carry at Luton, made a net profit of 22.9 million in 1988, its first full trading year, on a turnover of 2151 million.
Vice-president Nick Reilly says the plant has achieved profitability a year ahead of plans, though it still bears the brunt of £6.4 million losses borne in the first three months of IBC's existence. Since IBC was formed in October 1987 it has made a loss of 23.5 million on turnover of 2170 million.
Reilly predicts similar profits for this year, even though export sales are expected to rise from 260 million in 1988 to 2100 million, because IBC will be developing a new vehicle for the 4x4 market based on an Isuzu design just launched in the US as the Omigo.
The new model is expected to be launched by the end of 1991, and IBC forecasts annual sales of up to 40,000 of which 80% will be exported.
Sales of IBC vehicles last year reached 35,211.