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U-turn produces the goods for Springfield

Springfield Motor Group has posted a 43% increase in profits a year into its five year improvement plan.

The north-east of England motor retailer, which has five Honda sites plus single outlets for Citroen, Citroen LCV and Suzuki, has posted sales of £83.5m for 2007, a 4% rise on the preceeding year, and pre-tax profits jumped to almost £500,000.

The business aims to increase its return on sales from the current 1.67% to 2% during its five year plan, which is targeted at achieving £120m turnover and £2.4m profits.

The improvements have been achieved only a year after the business was on the verge of being sold to Peter Vardy. Owner and chairman Ron Price decided to keep the business in the control of his family and drive it forward.

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