Fleet News

T-plate boosts sales figures but 'stern challenges still lie ahead'

MOTOR distributor European Motor Holdings has reported a 'disappointing' drop in pre-tax profits following five months of poor sales from October 1998 to February this year.

The company reported pre-tax profits for the 11 months to the end of February of £6million on a turn-over of £376.8million compared with pre-tax profits of £10.2million for the 12 months to March 31 last year on a £470.4million turn-over. On a 12-month comparison to the end of March, pre-tax profits remained sharply down at £7.8million.

Despite March's 'significantly improved' sales as a result of the introduction of the T-plate, chief executive Richard Palmer said: 'While there is some cause for optimism with the economic environment starting to show some signs of recovery as a result of lower interest rates, we will still face stern challenges in the year ahead.'

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