Ford notches up Irish loss despite sales hitting €254m
Published 14/10/2015 | 02:30
Motor company Ford cut its operating losses in Ireland to €275,000 last year from just over €500,000 a year earlier. But the loss was generated despite turnover at the group soaring 76pc to €254m.
Henry Ford & Son, which was established here in 1917, distributes Ford vehicles and parts in Ireland and said margins remain "very tight" in the market.
While it recorded a €283,000 pre-tax profit last year, that was only achieved after the inclusion of €558,000 in finance income related to its pension scheme.
It said the increase in turnover is directly related to improved demand.
According to the Society of the Irish Motor Industry (SIMI), 11,780 new Ford passenger vehicles were registered in Ireland between the start of the year and the end of September.
That's 27pc more than in the corresponding period in 2014 and compares to the 9,479 in total that were registered in 2014. In September, 559 new Ford passenger vehicles were registered here.
Figures from the Central Statistics Office last week show that there were 5,924 new cars licensed in Ireland in September.
That's a 35pc rise on September in 2014. In the first nine months of the year, 114,446 new cars were licensed here, which is almost 32pc more than in the corresponding period in 2014.
Ford has a 9.7pc share of the Irish market.
At the end of September, Volkswagen was number one, with a 12.3pc share, and Toyota was in second place, with 10.5pc.
However, Ford is the biggest brand in the light commercial vehicle segment, according to SIMI, with a 26.4pc share at the end of September.
Last month, 535 new Ford light commercial vehicles were registered, bringing the total in the year to date to 5,711. The closes rival is Volkswagen, with a 15pc share, followed by Renault at 12.5pc.
The accounts for Ford show it paid €2.1m in wages last year. It employs 35 people.
Last week, Ford said its sales in Europe rose 8pc in September. That was helped by increases in 12 out of 20 countries.
But the sales rise lagged industry growth of 10.4pc in September.
However, for the first nine months of 2015, Ford sold 978,800 vehicles in Europe, a 9.7pc increase on the first nine months of 2015. That beat industry sales growth of 9.1pc.