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Ford dealer sees profits rise 26%

Peoples, with seven Ford dealerships, has recorded a pre-tax profits increase of 26% in its annual results.

The Ford retail group once again defied the general economic gloom with a rise in both profits and turnover.

Pre-tax profits rose to £2.03 million on turnover which grew by £2.36m to £146.7m, the second-highest performance since the company was founded almost 30 years ago by chairman Brian Gilda.

Gilda said the results had been achieved due to the determination of his directors, management and staff “to not only ride out the uncertain economic conditions but to deliver up the best possible results”. 

Peoples employs around 430 staff and has Ford dealerships in Edinburgh, Falkirk, Livingston, Bootle, Prescot, Liverpool and Accrington.

The increase in turnover and profits, which cover the period to July 2012, largely reflected an improvement in new car sales, strong cost control and reduced stocking levels.

Gilda is also positive about the outlook for the current financial year, having recently increased Peoples presence in the north west of England through the acquisition of Greyhound Ford - owned by J. Pilling & Son and founded in 1982 - in Accrington, now rebranded Peoples of Accrington.

Gilda said the positive trend had continued throughout the latter part of 2012 and that he is optimistic about continued growth for the second part of the company’s new financial year.

He further commented that Peoples’ positive results had been achieved against the backdrop of an economy which is still constrained and that future performance would be influenced by events in the Eurozone.

Gilda suggested the Government could further stimulate the economy and re-energise industry by cutting VAT to boost business and employment across all sectors.   “What is clear is that consumers rely on the feel good factor and it is quite apparent that they are taking a long hard look at discretionary spending until their own jobs and incomes can be safeguarded.

> Peoples' overview (Source: AMi)

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