COMMERCIAL vehicle dealership, North East Truck and Van, has reduced its losses in what has proved another difficult trading year for the Teesside-based firm.
The Billingham firm published its results for the year ending January 28, 2012 which showed sales at £34.1m, down from £35.4m in 2011.
Despite the drop in turnover, the company reduced its losses before taxation to £177,000 from £206,000 the year before.
The group says vehicle sales are still feeling the impact of the economic downturn but the directors are satisfied with the results, which are an improvement on last year’s figures.
On its latest performance, the company said in its results statement: “The group remains confident that despite an uncertain and unpredictable market in new and used vehicle sales, the remaining core activities will continue to perform to plan with the cost base being carefully controlled and monitored to react immediately to any volume fluctuations.
“The group has, should it so require, sufficient cash facilities to meet its expansion programmes but remains committed that its future expansion strategies should be achieved from cash generated by its operations.
“As a matter of good business practice, the group has taken steps to negotiate additional facilities which may be used if required to meet any expansion programmes over and above current strategies.”
North East Truck and Van operates eight dealerships spanning the North and North East of England, with its head office in Billingham, and supported by premises in Blaydon, Carlisle, Hull, Immingham, Lincoln, Scunthorpe and York.
The company, with its 266-strong workforce, also holds franchises with many of the leading van, truck and bus manufacturers including Iveco, Fiat Professional, MAN, Hino, LDV and Irisbus – all supported by a specialist engineering division at the heart of the business.
Located within the company’s flagship dealership in Haverton Hill, the engineering division carries out bespoke vehicle modifications ranging from rear-steer installations through to heavy haulage conversions for three and four axle tractor units. It carries out work on all makes and sizes of commercial vehicle, as well as being one of Iveco’s special vehicle operations centres in the UK.