Exports drive record sales and profits at Morgan, as classic British sports car maker says it will unveil new models (www.thisismoney.co.uk)
[The hype for Geneva is starting. Interesting to see if anything is announced beyond the Aero GT, the Anniversary Plus 8 and of course, something about the EV3. Cheers, Mark]
British sports car maker Morgan has revealed record sales and profits helped by a boom in foreign demand.
The 109-year-old family-owned firm said exports were up 10 per cent in 2017, thanks in part to an expansion of its global dealer network.
Recently-launched models, including the Aero GT and 50th Anniversary V8, had also quickly sold out and a partnership to develop electric vehicle technology with engineering consultancy Frazer-Nash was struck.
Sales rose 19 per cent to £36million, with profits rising to £2million.
Steve Morris, Morgan’s managing director, said: ‘To see such strong results for the business shows our strategy is sound and is a real credit to our dedicated, passionate and ever-growing workforce.
‘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.’
The 109-year-old family-owned firm said exports of Morgans were up 10 per cent in 2017.
Morgan’s Aero 8 combines a modern take on its traditional style with high performance
Dominic Riley, chairman, said: ‘We are stronger than ever with record revenue growth, increased employment, a clear vision for the future and strong demand for our products.’
Morgan’s success is such that it said recently launched models, the Aero GT and 50th Anniversary V8, sold out upon unveiling.
Meanwhile, all vehicles produced at its Malvern factory are pre-sold, with none made for pre-registration unlike most car makers.
The firm added that last year saw it buy back the land on which the factory is built, which along with the purchase of its Visitor Centre proved a significant investment to ‘provide stable foundations for Morgan’s future growth plans and reverses a land buy-back deal that has been effective since 2006’.
All Morgans produced at the Malvern factory are pre-sold, with none made for pre-registration