TrustFord chairman and chief executive Stuart Foulds is hailing the company’s turnaround after it recorded a £13.6m pre-tax profit for the first six months of 2021 following a £5.2m loss for all of 2020.
The profit figure was achieved on a £1bn turnover, versus last year’s deficit on a turnover of £1.4bn. It expects to have a £2bn turnover in 2021, it has previously told Car Dealer.
2019 saw TrustFord – the trading name of Ford Retail – make a profit of £5.6m on a £1.7bn turnover.
Releasing the latest figures today (Jul 22) – TrustFord’s strongest first-half results – Foulds told Car Dealer of his pride in the world’s biggest Ford dealer group’s workforce in achieving the results.
‘I am really proud of every one of our 3,000 colleagues who, through these difficult times, stepped up to the mark and delivered these tremendous results.
‘Our fleet and CV department, as I have said before, has and continues to really outperform the market, delivering an amazing 23,000 CVs, with an order bank today running at a further 40,000 orders secured.’
Foulds added: ‘I’m also really delighted with progress in our PartsPlus business, which delivered £23m of parts to our wholesale customers in this period.
‘Total vehicle sales for the period were in excess of 50,000, and we continue to see record levels of inquiries from customers all over the UK who absolutely love our TrustFordNow proposition on both sales and servicing.’