Fodens' profits crash
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FODENS went into the red by more than aim last financial year. The company blames poor exports and depressed sales of specialised vehicles in its report.
The company showed a deficit of £562,000 for the year ended March 31, 1979, against a profit of £2.8m the previous year.
Much of the loss was incurred in the second part of the year. The haulage drivers' strike in January had a bad effect and Fodens' South African interests were also poor. A bad result was expected after the first half-year interim results but final figures were worse than generally predicted.
Exports to the Middle East, a market on which Fodens were pinning their hopes, were particularly poor. The cost of developing and launching the Haulmaster and Fleetmaster range was high, and sales of these vehicles have only recently begun to pay dividends.
Although exports are still depressed, the home market is strong and Fodens says that the order books are healthy. The company expects to improve its position significantly, but warns that this year's interim results may still be a little weak.