Impressive rise in profits at Toyota

Car maker and Bondholder Toyota Motor Manufacturing (UK) has reported a rise in profits thanks to strong sales, cost-cutting and a favourable exchange rate.

In the three months leading up to September the firm saw profits increase by a whopping 13.5% to 611.7 billion yen (£3.26 billion). Global sales also increased by 8% to 7.1 trillion ten (£38 billion). The company reports it is on track to hit its profit target of 2.25 trillion yen (£12 billion). 

The company's Derby factory, based in Burnaston, has reported it has sold 4,278,007 cars just halfway into its financial year.

The company is also likely to capitalise on fleeing Volkswagen customers following the emissions scandal earlier this year.