Chairman's tale of woe
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STEPHEN GIBBS, chairman of Turner and Newall, which owns Ferodo and many other companies, does not beat about the bush. In an expensively produced special report for 1979 he tells employees: -The Group's performance in 1978 was bad. In 1979 it was even worse. The UK companies were he principal source of woe. The
profits they earned in the first six months of the year were very the principal source of woe. The profits they earned in the first six months of the year were very disappointing. In the last six months they fell to an even lower level."
The money invested in home operations would have shown a better return from National Savings, the chairman added. It would have been just my luck to be stuck in the queue behind the man who was buying the certificates at the Post Office.