Ryland's pre-tax profits grow

CAR retail and contract hire group Ryland has built on last year's record results with growth in profits for the half-year to June. Pre-tax profits grew to £3 million (1997: £2.8 million) on turnover of £302.16 million (1997: £240.22 million).

Its contract hire division, Ryland Multifleet saw a 29% year-on-year growth in its fleet size to 13,500 vehicles, but profit levels remained static, caused by the current reduction in residual values. The specialist car division saw strong growth in new and used cars, and acquired two franchises - Jaguar and Jeep, while in the mainstream sector, volumes were a third higher than the same period last year.