All articles by Nick Huber

FCE profits down 23 percent

Ford Credit Europe (FCE) has reported a sharp fall in first-quarter profit, blaming a weak pound and a smaller fleet of vehicles following disposals by its parent company, Ford Motor Company. Pretax profit for the quarter to March 31 was £68m, down 23% from £88m in the same quarter a year earlier, FCE said in results announced last week. An FCE spokesman said that Fords sale of car brands Jaguar and Land Rover in 2008, and Volvo last year, had shrunk the size of FCEs car fleet