British sports car maker Morgan profits rev up as it prepares to launch new models
British sports car maker Morgan announced record results as it prepares to launch a range of vehicles in its 110th year.
The Malvern-based family-owned firm, which employs 204 staff, said profits jumped to £3.6million last year from £2million 12 months earlier.
Output dropped from 750 to 681 cars as the firm said goodbye to the thirsty V8 engine and the Aero 8 and Plus 8 models which use it.
On a roll: Malvern-based family-owned firm Morgan, which employs 204 staff, said profits jumped to £3.6m last year from £2m 12 months earlier
Morgan is preparing to launch a more frugal but sportier replacement at this spring’s Geneva Motor Show.
Chairman Dominic Riley said that as part of a five-year strategy the business had increased the gross margin on its cars from 25 per cent to 35 per cent, making it more efficient and profitable.
Morgan exports 70 per cent of its production to around 50 countries.
Riley said they were taking prudent precautions to stockpile and store sufficient engines to see them through any short-term Brexit hiccup.
He said: ‘We’ve been trading with Europe for 110 years.
‘So we’re very adaptable, nimble and flexible. We’re taking sensible measures.’