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ERF dips into the red

28th June 1990, Page 7
28th June 1990
Page 7
Page 7, 28th June 1990 — ERF dips into the red
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Which of the following most accurately describes the problem?

• ERF Group's pre-tax profits plunged by more than 50% to 23.27m for the year ended 31 March 1990, from 27.8m last year with a 1989 second-half pre-tax loss of £474,000.

Chairman and chief executive Peter Foden blamed interest rates for the slump in the market, which has hit the heavy vehicle sector badly with a 30% reduction in registrations over 16 tonnes. ERF registered only 249 vehicles last month compared with 416 in May 1989, and its January-June registrations are down from 1,927 to 1,113.