Dodge Into Fiat

January 20, 1968 duction, sales and despatches of HMT have gone up. It now produces a range of over 17 families of standard machine tools and a steadily widening range of special purpose machine tools. That the range of diversification is still limited is, however, clearly indicated by the continuing large volume of imports. The impact of the recession has been felt not by sales but by profits. Profitability in 1966-67 has been halved as compared with 1964-65, though it is fractionally higher than in 1965-66. The proportion of cost of sales to sales has increased steadily and the turnover of capital has been declining. Stock of finished goods and work-in-progress have also increased as a proportion of sales.