Foden to double profits in '86
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• Following a 25% increase in its truck sales this year, Foden's recently-appointed managing director Mark Pigott is predicting that the Sandbachbased truck builder will double its profits in 1986.
Pigott has confirmed to CM that Paccar UK, in which Foden Trucks is the major asset, finished 1985 in the black. Profits, according to Pigott, were "in the range of £100,000 to 2200,000".
Up until the end of July Foden sold 369 vehicles compared with 293 during the same seven-month period last year — a rise of 25.9%. Pigott expects Foden Trucks to finish the year "with a very strong fourth quarter", with profits "at least double that of last year".
Foden expect to sell over 560 trucks by the end of the year compared to last year's total of 450 vehicles.
Pigott says the continuing recovery of Foden Trucks is the result of an "increasing realisation from operators of Foden's custom truck concept" The company is "having more success with fleets, while retaining its strong foundations with owner drivers", Pigott says.
Sales of its 6x4 tractors continue to improve, with many operators now opting for the extra traction and per formance offered by a 6x4 rather than a 6x 2 model.
After the recent relaunch of Foden's Flex-Plan vehicle financing scheme (CM June 7), offered through Paccar Financial, the company is also planning to launch Paclease in the UK before the end of the year.
Paclease is a wholly-owned dividion of Paccar, and currently operates some 3,000 leased trucks in the US. Pigott is looking to expand this business significantly in Britain. fl Foden has become the first European truck builder to offer the latest charge-cooled Caterpillar engine. For full details see page 10.