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ERF profits booming
Page 15
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• ERF's profits soared by 40% to .27.84 million in the year ended 1 April. Turnover was up 35% to £164 million, and UK factory deliveries rose to a record 4,340 vehicles — a jump of 33%.
Chairman and chief-executive Peter Foden says prospects for the year are reasonably good, but he warns: "There is concern over higher interest rates which could dampen consumer spending and have an adverse effect on the vehicle business."
Sales of lorries rose 38%, the biggest increase being in vehicles over 28 tonnes, and market share for Britain's last publicly-quoted independent truck manufacturer climbed from 12.8% to 14.2%.
There are no immediate plans to increase current output of some 21 vehicles a day, but Peter Foden says produc tion "will rise with new vehicles". ERF also plans to improve its distribution network.