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Mayflower looks to future business for profit growth

Mayflower, the Coventry-based company producing bodyshells, most notably for the MGF sportscar, has issued its interim results showing a year-on-year profit fall.

To June 31, 2001 on turnover of £361m (2000: £332.5m), underlying operating profit before tax was £20.1m (2000: £30.2m) before new business development costs of £0.8m, goodwill and exceptional items.

John Simpson, chief executive, said: "These are good results when viewed against a background of general weakness in worldwide market conditions, notably in the US. We have increased market share across all our traditional businesses and remain confident in our ability to continue to deliver good performance."

He said that in the UK new business wins from Land Rover and Aston Martin together with contracts with MG Rover, will create opportunities for further growth.

"Discussions are continuing with several major customers concerning substantial outsourcing programmes, which could be worth well in excess of £150m in sales revenue of which £27m was won in the first half of the year," he said.

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