Mayflower held back by America

By THIS IS MONEY
Updated:

 

PROFITS have fallen again at bus and coach maker Mayflower - the company famous for having John Major on its board - largely thanks to weak US markets.

In the first six months of the year pre-tax profits were almost a third lower at £13m on sales of £322.2m, against £361m in the same period last year.

Chief executive John Simpson claimed the company has turned the corner with results up on the second half of 2001 and order books strong.

Operating profits from the bus manufacturing division rose slightly from £17.6m to £18.1m. However, profits at the vehicles systems division continued to be hit by the downturn in the US heavy trucks market. US sales dropped 13% in the half-year to £90.2m, although this was an improvement on the second half of 2001.

After goodwill, amortisation and exceptional items, pre-tax profits were £3m against a loss of £29.2m last year. The interim dividend is held at 1.5p.

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