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Family-run motor company flourishes

Despite wider problems in the global automobile industry, classical carmaker Morgan Motor Company has recorded strong results, as demand for its iconic convertible remains strong.

According to a report in the Financial Times that cited Company House numbers, the Malvern, Worcestershire-based company saw full-year 2009 pre-tax profit treble to £661,209 on turnover of £26.8m, up from £22.1m the year before.

Charles Morgan, grandson of the company's founder, is managing director of the oldest, privately owned car company in the world. His family still controls the 100 year-old company.

Morgan has ridden out the downturn affecting most of the global automobile sector partly because of its unique operating strategy, whereby it only makes cars after buyers have ordered them. Purchasers also have to put down a hefty deposit to secure an order. 

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