Record growth and profit for Morgan Motor Company

Record growth and profit for Morgan Motor Company

British car manufacturer Morgan Motor Company has announced record profits and growth amid increased demand from overseas.

The news comes as the firm continues to roll out its long-term strategy plan under the guidance of Chairman Dominic Riley, Managing Director Steve Morris and family shareholders.

Year-end financial reports released record growth from the 109-year-old company with a 19% increase in revenue to £36m, improved group margins with an increase of 12%, a 13% increase in group net assets and an increase in pre-tax profits to £2m.

Last year saw strong performances from all sectors of the Morgan business, including a new technological partnership with Frazer-Nash for EV development, future-proofing with long-lead new model planning and strategic in-house appointments within the management team coupled with increased marketing activity.

Product sales continue to be strong with export sales up 10%, helped by new partner growth within the global dealer network.

Recently launched models, the Aero GT and 50th Anniversary V8, sold out upon unveiling and all vehicles produced at Malvern continue to be pre-sold, with no vehicles being produced for pre-registration.

Last year also saw the re-acquisition of the land on which the factory is built as well as the purchase of a visitor centre, which aims to provide stable foundations for Morgan’s future growth plans.

Steve Morris, managing director, said: “The last year has seen us develop our long-term strategy for sustainable new products, exciting development plans, a visionary business approach and a real focus on longevity, customer care and dealer relations.

“To see such strong results for the business as a result shows that our strategy is sound and is a real credit to our dedicated, passionate and ever-growing workforce.

“I’m proud to announce our excellent year-end results, but 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.”

Dominic Riley, chairman, said: “Once again the results speak for themselves. We are stronger than ever with record revenue growth, increased employment, a clear vision for the future and strong demand for the product from customers around the globe.

“Morgan Motor Company has never been stronger.”