Morgan Motor Company announce record profit
The fortunes of the Morgan Motor Company appear to be in good hands, with today's profit figures certifying a bright future for the Malvern based marque
The Morgan Motor Company has today announced record profitability and growth, dispelling rumours and concern for the marque’s future, as it continues a long-term strategy under the leadership of chairman Dominic Riley and managing director Steve Morris.
Year-end financial reports showcased a 19% increase in revenue against 2016, climbing to £36m with improved group margins (12% increase), group new assets (13% increase) and an overall increase in pre-tax profits to £2m.
The previous 12 months witnessed strong performances across all sectors of the Morgan establishment, including a new partnership with Frazer-Nash for EV technological advancement, future proofing and strategic in-house appointments mated to increased marketing activity. Product sales increased by 10%, aided by growth with Morgan’s new partner within the global dealer network.
Fresh and recently launched models, such as the Aero GT and 50th Anniversary V8, sold out upon first public viewing; all Morgans produced at Malvern continue to be pre-sold. No vehicles are produced pre-registration.
The Morgan Motor Company re-acquired the land on which the factory is built last year, alongside purchasing the Visitor Centre, which has proved a significant benefit in providing future trajectories for Morgan’s growth plans. This reverses the on-going land buy-back deal of 2006.
Steve Morris, managing director, said: ‘The last year has seen us develop our long-term strategy for sustainable new products, exciting development plans, a visionary business approach and a real focus on longevity, customer care and dealer relations.
‘To see such strong results for the business as a result shows that our strategy is sound and is a real credit to our dedicated, passionate and ever-growing workforce.
‘I’m proud to announce our excellent year-end results, but far from resting on our laurels we are looking forward to a strong 2018, the next stage of which will see some brand new cars being unveiled at Geneva in a few weeks’ time.’
‘Once again the results speak for themselves. We are stronger than ever with record revenue growth, increased employment, a clear vision for the future and strong demand for product from customers around the globe. Morgan Motor Company has never been stronger’, said Dominic Riley, chairman of the Morgan Motor Company.
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