ERF's directors have reported a "significant improvement" in profits from
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the group's two UK subsidiaries, ERF Trucks and ERF Plastics, for the six month period ended October 1 1983.
ERF (Holdings) plc has reported a net trading profit for the 26 weeks of £744,000 which compares with a profit of £60,000 for a similar period in 1982.
After interest payments of £607,000 and a taxation credit of £97,000, resulting from a change in the way ERF's South African subsidiary's stock was valued by the revenue authorities, 1983's six month profit was down to £234,000 which compares with a loss of £705,000 over the same period in 1982.
The group's turnover has fallen by 19.4 per cent with export trade, particularly to the Middle East, suffering most.
Peter Foden, chairman and managing director, thinks the improved results "are mainly due to substantial savings in operating costs and improved margins on vehicle sales despite severe competition from European manufacturers".
There is now a good deal of uncertainty over the future of the 12-15 tonne Hino/ERF models (CM July 2 1983) which were to have gone into production at Sandbach in February. Peter Foden is reported as having said that the project has been delayed, while ERF's company secretary is reported elsewhere as having suggested that it has been "postponed into the indefinite future".