Vauxhall Lose E.1.1m: Record Production
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A LTHOUGH production and sales were slightly higher than ever before, Vauxhall Motors, Ltd., last year suffered a temporary setback and incurred a loss of £1,134,744: The reason was production difficulties resulting from abnormal Conditions, Mr. G. N. Vansittart, chairman, and Mr. Philip W. Copelin, managing director, said in their report issued yesterday.
Nevertheless, they regarded 1957 "as a period of great development which will result in a major increase in the size, importance and efficiency of the company."
Among four abnormal circumstances were the large expenditure incurred in the extensive rearrangement of factory installations and heavy production development costs arising from the introduction of new models on an unprecedented scale. The £36m. expansion scheme, started ia September, 1954, is now almost completed.
Sales turnover amounted to £76m. and the output of 150,226 vehicles was 18 per cent. higher, than the figure for 1956. Total sales increased by 16 per cent., and exports rose from 52 per cent. to 59 per cent. of sales, More than 84,400 vehicles were exported. The total value of exports, including spare parts, exceeded £38.4m.