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Fodens are down and out
Page 5
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FODENS HAVE called in the receiver and the jobs of its remaining 1900 employees are at great risk. Their only real hope lies in the chance that Rolls Royce may renew its 1977 interest and take Fodens into its new arrangement with Vickers.
Foden has always been heavily committed to the military market and such an arrangement appears, on the surface, to be commercial logic.
They will announce "substantial losses"' when their figures are published. This should have been done yesterday but the decision to call in the receiver may delay the final results for a few more days.
Production fell at Fodens this year to 96 units for the first six months compared to 158 for the same period last year. At the time of the suspension the company's shares were quoted at 23 pence. This was their lowest this year. The market value at the suspension was £4.75m.
Fodens announced midway through the current financial year that last year's total loss of £562,000 had already escalaled to a deficit of E1 .73m, and it had very heavy borrowing commitments.