Giant profits for ERF
Page 19
If you've noticed an error in this article please click here to report it so we can fix it.
• British truck manufacturer ERF has announced pre-tax profits of 25.606 million for the year to 2 April — an increase of almost 25 million from £718,000 the previous year. Turnover rose 60% from 275.9 million to 2121.9 million.
The surge is due to the success of the E-series vehicle range, launched in April 1987, as well as improved marketing and a rationalisation of costs at its Sandbach factory. The 1987 results were affected by the high start-up costs of the Eseries, says financial director John Hobbs.
The 1988 results represent a significant long-term upswing for the manufacturer. Profits in the year to April 1986 were 21.2 million.
Orders are up 80% this year, says managing director Peter Foden, which come at a time when the industry, and the economy generally, are booming, he adds.
ERF plans to launch models in the 24to 32-tonne range at the Birmingham motor show at the NEC in October.
"Assuming the UK economy continues its present growth, we can expect commercial vehicle sales to remain strong and, with the success of our present products, we hope to see a further improvement in our market share," predicts Foden.