Annual profits for the UK manufacturing arm of Japanese car maker Toyota have tripled for the year to March, according to new figures filed with Companies House.
Toyota Manufacturing UK - which has been investing heavily in its Burnaston assembly plant, near Derby - boosted pretax profits from £16.8 million to £50.4 million for the year to March. Operating profits rose 70 per cent to £56.2 million.
Last month at the Frankfurt Motor Show Toyota, which employs almost 5,000 workers at Burnaston, said it was on track to reach nearly a million car sales in Europe.
So far this year, Toyota has opened new plants in the Czech Republic, Poland and Mexico and has plans for more in China, Russia, Canada and the US.
However, Europe still figures greatly in the company's expansion plans and Burnaston has benefited from a further investment of £50 million in order to ramp up production of Avensis and Corolla cars to 285,000 a year.
The move created 500 jobs and has been the catalyst for a move into the Derbyshire/ Staffordshire area by suppliers looking to relocate closer to the complex. The car maker has also made Burnaston a centre for training for European manufacturing.
Hein Van Gerwen, managing director, Toyota Manufacturing UK, said: "Last year we set ourselves a target of making profit and that's what we've done. We are all pleased with the progress, but the market this year is tough, so we have to continue our efforts to keep on track."