Fleet News

LDV reveals big profit rise

RESURGENT van builder LDV revealed a 27% rise in pre-tax profits to £23.3 million on turnover up 43% last year. It also announced it is looking for partners to fund a £150 million programme to develop future van models. A Stock Market flotation is another funding option.

Three years ago the old Leyland DAF company went into receivership (Fleet News February 12, 1993) but was rescued by a management buy-out led by chief executive Allan Amey.

LDV has launched its new Pilot and Convoy van ranges - codenamed Project Bulldog - following a £30 million investment. The company will invest in further model improvements but is looking for partners to develop new models in the next century. LDV turnover last year was £216 million (1994: £150.5 million), while pre-tax profits rose by £5 million from £18.3 million.

Vehicle sales rose 21% to more than 15,000 vans in 1995 and in the first quarter of 1996 sales total 4,413 against 3,529 for the same period last year. LDV is second largest player in the UK panel van market with a 14% market share behind Ford's 43% market share and ahead of Mercedes-Benz on 8%.

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