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LDV enjoys severance of ties with Daewoo

Van manufacturer LDV is confident of a succesful – and independent – future, free from its ties with Daewoo, which were cut earlier this year.

The company released its Year 2000 financial results which showed a pre-tax profit of £1.3m compared with a loss of £54.9m in 1999. After tax the 2000 profit was £0.8m. Operating profit from continuing operations was £5.1m, compared with £7.5m in 1999.

Turnover in 2000 was £219.9m, £7.1m above 1999.

In his statement, LDV chairman Geoffrey Maddrell said: “2000 has been a very important and active year. At a strategic level we have agreed with Daewoo to sever links and will now be pursuing our own independent plans. Operationally LDV was the only one of four leading LCV players to hold its market share in an increasingly competitive trading environment. This was a key business objective and its achievement is a clear manifestation of the ongoing strength of LDV as a van specialist.”

In 2000 the LCV market grew to 148,000, its highest level for 17 years. LDV was number three in the UK market, recording a 10.1% market share, in line with the previous year.

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