Fleet News

Profit increase for Reg Vardy

SUNDERLAND-based dealer group Reg Vardy plc has reported profits before tax and exceptional items 27.8% ahead at £7.86 million (1995: £6.15 million) on turnover up 23.2% at £344.6 million (1995: £279.8 million) in the six months to October 31, 1996. Vardy shares immediately rocketed 23p to 315p on the back of the results.

Total car sales increased by 6,447 units to 36,572 with most of the growth coming from increased used car sales. Sales to business customers were up by a quarter at almost 6,000 units, taking Vardy's retail to fleet business split to 55:45.

Group chairman Peter Vardy predicted continued sales growth as the company stepped up its drive to expand its network from 42 to 60 outlets. He said £6 million had been invested in acquisitions and refurbishments over the last six months and a further £8.5 million was earmarked for additional work this year.

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