Foray Ford loss narrows
21 September 2020
Wiltshire’s Foray Motor Group has announced a reduced loss before tax of £380k for 2019, from £1.12m in 2018. This is despite the Ford retailer’s turnover falling 4% from £175m to £168m. Foray said this was due to strategically reducing its parts stock, which reduced turnover but improved margins and its cash position.
Margins were boosted during 2019 thanks to concentrating on margin retention and used vehicle sales. A focus on reducing administrative expenses was also in place during 2019 and this is continuing through 2020.
Foray is forecasting an improved result for 2020 despite the impact of COVID-19 and says there will be further improvements in 2021. The directors added they have no plans to alter the company’s principal activities either now or in the future.