Turnover grows by more than £1 billion

Posted on 12 Nov 2017 and read 745 times
Turnover grows by more than £1 billion Turnover has grown by more than £1 billion at the European arm of automotive giant Honda, with production increasing dramatically as the manufacturer begins exporting UK-made cars to North America.

Honda Motor Europe — a wholly owned subsidiary of Honda (Japan) — has its headquarters in Bracknell and its manufacturing facility in Swindon.

The turnover of Honda Motor Europe (www.honda.co.uk) grew to £5.21 billion in the 12 months to 31 March 2017 (up from £4.05 billion in 2015/16), while pre-tax profits reached £73.3 million (up from £31.7 million).

Car sales in Europe increased by 7% to 184,000, boosted by sales of the HR-V model and the “gradual recovery in economic conditions”, while motorbike sales grew by 6.4% to 217,000.

The Swindon manufacturing operation — Honda of the UK Manufacturing Ltd — reported a turnover of £2.16 billion (up from £1.84 billion, but its pre-tax profits fell to £9 million (from £15.4 million).

This was put down to “adverse foreign-exchange effects” and a general increase in the cost of sales for the new Civic.

Unit production rose by 30.1% to 149,000, following the first exports of the Civic hatchback model to North America. The Swindon facility became the global hub for production of the five-door Civic model, with exports to Europe, North America and Japan. The Civic Type-R model is also made solely in Swindon.

A spokesman for Honda said: “Looking to the future, Honda remains committed to its operations here in the UK.

“However, we do urge the UK Government to continue dialogue with the EU to deliver a free and frictionless trading environment, post-Brexit. This is central to our continued success in the European region as a whole.”

Be seen in all the right places!

Indusmach Africa 2018 (Kenya) TCT Show 2018 Maktek Eurasia 2018 MTA Hanoi 2018 Advanced Engineering UK 2018 Metalex 2018 Indusmach Africa 2018 (Tanzania) Machine Tool Indonesia 2018 India Export News Steelfab 2019 Expo Manufactura 2019 MACH 2020