Leyland Vehicles loses £61 million
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LEYLAND VEHICLES, BL's truck, bus and parts subsidiary made a ..;61 million loss in 1984, its company accounts show.
The company as a whole ended 1984 with an accumulated deficit of i:.520.7 million, i:61 million higher than on 1983, with liabilities outstripping assets by 01.6 million.
The accounts show that the loss reached:-.("11 million on a turnover of 't430.2
And this was after taking a tax credit of 08.8 million into account In 1983 the net loss had been !143.6 million on sales of 1433.5 million.
Leyland has hit hack at suggestions that these accounts give a very different picture to the one painted by Leyland Vehicles management.
At the Road Haulage Association's annual conference in Portugal in October, UK Leyland Trucks operations director Robin Woolcock said in a confident speech about its trucks: "Since 1979 a 050 million investment has brought wholesale improvements at Leyland and the company is an attractive buy for the first time for many years.
Leyland Vehicles cut another $,..10 million off its operating losses — most of it from more profitable truck sales — in the six months to the end of June 1985.
It is understood that of the three sections of Leyland Vehicles, Leyland Parts (Multipart) trades at a modest profit. Leyland Tucks runs at a loss, although that amount is reducing, while Leyland Bus shows the most dismal picture.