Mayflower profits down 8.3 per cent

Automotive bodymakers Mayflower Corporation has reported an 8.3 per cent slump in pre-tax profits to £25.3m (2001 = £27.6m) in its preliminary results for 2002.

Turnover was down 3 per cent at £633.8m (2001 £653.6 million). Pre-tax profit after exceptionals and goodwill was £2.8m (2001= £(31.8m loss).

Chief executive John Simpson says: “Mayflower's core businesses continued to make profits and win new business against a backdrop of volatile markets and a worsening global economic outlook.

“Mayflower manufactures products that are either capital goods or components for capital goods and the continuing uncertainty in these markets led to relentless downward pressure on both volumes and prices.”