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Inadequate profits at Leyland

25th March 1977, Page 18
25th March 1977
Page 18
Page 18, 25th March 1977 — Inadequate profits at Leyland
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LEYLAND Truck and Bus made a £43 million profit over a 15-month period which ended in December, out of a total. company profit of £70.5 million.

The overall figures have been described by Leyland chairman Sir Richard Dobson as "far from adequate."

In his statement he told shareholders that the situation was not unsatisfactory. "However a profit of 2.4 per cent of sales revenue is far from adequate either to support growth or to provide for capital investment."

He said profits would have been higher but for the losses incurred during November and December. "The importance of British Leyland to the UK balance of payments is indicated by the fact that exports exceeded £1,000 million during the period."