Vauxhall Increase Turnover
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THE extreme fluctuation in the motor industry's scale of operations last year is illustrated by Vauxhall Motors' annual report and accounts for 1960, published this week.
Turnover, at El 36m., was up by 5 per cent, over the previous year, and net profit after taxation, at £3,159,335, rose by nearly E700,000. An interim dividend of £3,580,000 net, after deduction of tax, has been declared on the Ordinary stock, and no further dividend is proposed.
Other highlights of the report include: Export sales of 128,200 units, valued at £65m. and representing 52 per cent of total sales; total Bedford production was up by almost 20 per cent, compared with the previous year, and Bedford truck and van exports rose by over 30 per cent.
On the question of future export business, the report strikes a realistic but confident note: "Competition for overseas markets is extremely keen, but we believe we can hold our position and even secure an increasing share of many of these markets, with the help of a good home demand which is not depressed by exorbitant levels of taxation and other restrictions on normal consumption."