Fleet News

Salvage firm back in black

UNIVERSAL Salvage has bounced into the black for the six months to October 30, reporting pre-tax profits of £2.6 million compared to a loss of £900,000 last year on increased turnover of £42.45 million (1998: £42.28 million). The company said the return to profitability reflected renegotiated contracts with motor insurance clients in which the salvage company paid less for vehicles, introduced storage charges, introduced fees for the disposal of low value vehicles and agreed to review contracts monthly.

The number of cars, commercial vehicles and motorbikes handled by the specialist salvage company increased in the six months under review to 66,400 from 64,050. Chairman Cliff Bassett retires at the end of the year and will be succeeded by non-executive director Alexander Foster.

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