UK: AutoLogic profit falls after problems in France
Vehicle distributor AutoLogic posted a full-year pre-tax profit of £4.4 million, down from £18 million, on Wednesday after a difficult year in France.
According to the Daily Telegraph, chairman John Merry said weak volumes there and a series of national strikes caused new car registrations to fall 6.3%.
He reportedly added the group had completed a sale and leaseback of its principal sites in France and had a major overhail of operations in France and the Benelux countries.
Merry reportedly said: "Given the uncertain market conditions looking forward, we are continuing to focus on tight cost control across the group."
The Telegraph said Autologic will also close down its non-core parts distribution business Acumen and sell a fraction of the operation. Last year, the subsidiary's turnover was £33.9 million, up from £30.9 million. Total group sales rose 4.8% to £702 million, the report added.