EXPORTS DRIVE £2m SALES AT MORGAN CLASSIC CARS

BRITISH sports car maker Morgan has revealed record sales and profits helped by a boom in foreign demand.

The 109-year-old family-owned firm said exports were up 10pc in 2017, thanks in part to an expansion of its global dealer network.

Recently-launched models, including the Aero GT and 50th Anniversary V8, had also quickly sold out and a partnership to develop electric vehicle technology with engineering consultancy Frazer-Nash was struck.

Sales rose 19pc to £36m, with profits rising to £2m. Steve Morris, Morgan’s managing director, said: ‘To see such strong results for the business shows our strategy is sound and is a real credit to our dedicated, passionate and ever-growing workforce.

‘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: ‘We are stronger than ever with record revenue growth, increased employment, a clear vision for the future and strong demand for our products.’

The Morgan Motor Company was founded in 1910 by railway engineer Henry Frederick Stanley Morgan

Early cars were two-seat or four-seat three-wheelers, and considered to be cyclecars – so avoided tax

Wood has been used in the construction of the cars for a century (for the chassis of several early models) and still in the 21st century for the body shell

Today cars still have three core materials: ash, aluminium and leather

Based in Malvern, Worcestershire, it employs 177 and is still privately run