A business news

Charles Park and Sons have announced record profits for last year despite a slight decline in demand for one of their key products, caused by increasingly fierce competition in the sector. They say they are already well on the way to meeting their targets for the first quarter. Their new models will go into production in the spring and this is expected to boost their sales and profits even more.

The government today announced its intentions to stimulate growth in the south-west by allocating a large part of its development budget to industrial projects in the area. Roger Middle, who chaired the committee working on this scheme, said that local people welcomed the decision, which should generate more business for local firms. They appreciate that their area has many unique selling points for businesses and their employees, and feel that development will pay dividends for everyone living and working in the area.

Clothing firm G and L has announced plans to build a new factory in the Midlands. Their spokesperson, Mark Mulloy said yesterday that the proposal made sound business sense, it will be easier for us to maintain quality and promote the interests of our shareholders at the same time as satisfying the demands of our target market, he said.

SIB Distribution held an emergency meeting last night to discuss the crisis caused by yesterday’s rise in fuel prices. Their MD said. ‘This hike in prices will seriously affect the bottom line. It's a considerable challenge for us as we already operate on narrow profit margins. However, we have set ourselves clear objectives and are confident we will still be able to balance the books. We have no intention of calling in the receivers yet!