Fleet News

Caverdale profits up 28%

CAVERDALE, the motor retailing, industrial products and motorcycle accessories group, which also operates a small contract hire and daily rental business, has reported pre-tax profits up 28% to £5.4 million for 1996 (1995: £4.21 million).

Turnover increased 31% to £245.78 million (1995: £187.5 million) and chairman Arild Nerdrum said the current economic environment indicated that 1997 would see another strong year of growth. Motor retailing had contributed significantly to the record results, said Nerdrum, as it increased turnover 27% to £20.9 million (1995: £174.4 million) with operating profits increasing 9% to £6.1 million (1995: £5.6 million). And, with manufacturers moving to larger dealer territories he expected profits to rise further this year.

The group's new car sales increased 18% to 8,102 units last year and used car sales rose 33% to 8,394 while service labour, accident repairs and parts sales also increased.

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