More cheerful news, too, from the motor front with British Motor Corporation’s trading profits for the first 32 weeks of the current year to July 31 some £3m., or 55 per cent, higher at £8,500,000.
This sharp rise was only partly due to the increase in output. Total production in the period rose about 17 per cent, from 385,720 to 454,122 vehicles. Clearly there has been a good recovery in margins. It is also encouraging that the value of exports rose by 27 per cent. In the markets yesterday B.M.C. 5s. units closed 2,d. lower at 16s. 9d. It would be surprising if they were not to make this up today. After all few people expected a rise in the interim, which is being held at 7-5 per cent.
The company also announces the appointment of Mr A. A. Issigonis, designer of the “mini ” range and the technical director, to the corporation’s board.