TrustFord – the trading name of Ford Retail – has performed a huge turnaround by delivering a £13.6m pre-tax profit for the first six months of 2021 having made a £5.2m loss in 2020. This is impressive stuff, especially if you consider that this profit was achieved on a much-reduced turnover of £1bn, well down from 2020’s £1.4bn.
No wonder TrustFord’s chairman and chief executive Stuart Foulds is proud and letting us all know. So he should. He has come out of a topsy-turvy time: £5.6m profit on a £1.7bn turnover in 2019, then a loss for 2020, and now back in profit.
Foulds is giving much of the credit to the people working in the group’s dealerships: “I am really proud of every one of our 3,000 colleagues who, through these difficult times, stepped up to the mark and delivered these tremendous results,” he said.
In explaining how the turnaround has been achieved, Foulds pointed to the company’s fleet and CV department which is outperforming the market by delivering 23,000 CVs and with an order book of a further 40,000.
There is now talk of a record year for TrustFord. It’s pretty impressive stuff.