Fleet News

Quicks' profits fall 9.6%

A SHARP slowdown in car sales during the second half of last year coupled with an inability to cut costs quickly saw pre-tax profits at vehicle distributor Quicks slump 9.6% year-on-year to £5.3 million for the year to December 31 (1997: £5.9 million).

The decline came as margins were placed under 'considerable pressure' in the volume car sector, although Quicks said margins on both fleet and retail business were ahead of last year. New car sales across the group increased 22.3% from 19,598 (fleet: 7,248) in 1997 to 23,969 (fleet: 9,270) last year; used car sales increased 9.2% to 19,205 (1997: 17,588) and commercial vehicle sales also rose. Group turnover increased 67% to £643 million (1997: £385 million) reflecting the acquisition of the former Caverdale motor division as well as the increase in new car sales.

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