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Profits fall at Fords
Page 21
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FORD profits for 1978 were well short of the company's targets and were slightly lower than I977's figure.
The just-published annual accounts show that Ford's pre-tax profit for the year ended 31 Dec 1978 totalled £242m, compared with £246m in 1977.
Ford managing director Sir Terence Beckett commented: "Out of context the profit looks quite impressive — nearly as much as our record 1977 figure. But we're not in the business of standing still.
"To stay ahead and, most importantly, to maintain our investment programme, we should have been making almost double — around £400m last year."
Industrial disputes were the main cause of Ford's disappointing performance and Sir Terence acknowledged this. "We started with a six-week strike at the Halewood press shop and finished the year with a national shut-down which lasted nine disastrous weeks."
Looking to the future he said: "If we cut out the stoppages of work the opportunities are there to make our jobs and our future more secure in a highly competitive world."