Higher Lancashire United profit
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SPEAKING at the annual general meeting of Lancashire United Transport Ltd., chairman Mr. R. Cary said that the company's operational costs continued to rise mainly because of increased wages. In 1965 wages alone amounted to £1,370,000, which was 72 per cent of total costs for the year.
Net profit after taxation for 1965 amounted to £.157,551 compared with £134,815 in the previous year—although because of recent taxation changes the figures were not strictly comparable. A sum of £37,432 had transferred to vehicle replacement reserve and £25,000 to general reserve. Because of declining traffics, estimates for increased stage carriage revenue did not materialise.
The company's fleet of around 400 vehicles continued to be maintained at a high standard, said Mr. Cary. This year delivery would be taken of 23 Guy Arab doubledeck buses with Northern Counties bodies, four Leyland coaches with Plaxton Panorama bodies and three Leyland singledeck buses with Willowbrook bodies specially constructed for one-man operation. The vehicle-replacement programme for 1967 had been finalized and orders for 26 double-deck vehicles and four single-deckers had been placed.