Fleet News

Dagenham Motors' profits rise by 20%

LOWER fleet sales following Ford's decision to pull back from rapid cycle business contributed to lower new car sales by Dagenham Motors in the first six months of 1997. Interim results for the six month to June 30 show that the Ford dealership group sold 5,553 new vehicles, 3.4% down on the same period last year, but the company said that reflected Ford's well-publicised decision to reduce dependence on daily rental business.

Turnover for the six months was fractionally down at £145.2 million (1996: £147.2 million) but pre-tax profits increased 20% to a record £2.83 million (1996: 2.35 million) reflecting the 'vigorous programme of cost-cutting implemented by management over the last year'. Chairman David Philip has predicted a strong second half of the year saying: 'The second half has continued in a similar vein with July and August profits ahead of the comparable period last year. There is also the prospect of significant volume bonuses at the year end if sales targets continue to be met.'

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