FLEET market leader Ford has announced a £213 million pre-tax loss on a turnover of £6,401 million in Britain last year. The company blamed the loss on adverse currency, exchange rates, expenditure relating to the introduction of three major new models - Fiesta, Escort and Galaxy - and the intensely competitive market all of which impacted on the company's performance.

Ford of Britain chairman and managing director Ian McAllister said: 'We invested heavily in the future in 1995, knowing that this was crucial for the on-going strength of the business.' Commenting on the investment in new models he added: 'Such investment is part of our on-going drive to introduce a continuous stream of innovative and affordable vehicles for our customers.'