ERF plunges into the red
4th July 1991, Page 15
4th July 1991
Page 15
Page 15, 4th July 1991
— ERF plunges into the red
Close
Noticed an error?
If you've noticed an error in this article please click here to report it so we can fix it.
If you've noticed an error in this article please click here to report it so we can fix it.
• ERF (Holdings) has tumbled into the red, losing £4.47m for the year to 30 March. It blames the economic recession which is afflicting the industry.
UK heavy vehicle registrations in the last quarter were down by 36.5% compared with the corresponding period in the previous quarter. ERF's turnover decreased from £148m to £102.5m.
According to the company margins have been squeezed despite efforts to cut costs. However, the export market is brighter, with the 440-truck order from Zimbabwe which was announced last December now making an impact.
The sale of ERF Plastics and a capital re-organisation resulted in an extraordinary profit of £2m.
The company says the impact of the losses was lessened by the fact that its gearing remains low, at 6%.