STOCK market excitement in Ryland Group shares subsided last week following an announcement that it had terminated discussions about a possible takeover.

An official statement for shareholders said: 'It is your Board's unanimous belief that the benefits of our strategy and our strong manufacturer relationships are becoming clear and that shareholders' interests are best served by continuing to develop these strengths.' Keith Hampson, Ryland's finance director, added: 'We are not looking to sell Ryland. We have a very powerful business.'

Ryland Multifleet's fleet now stands at 9,000 vehicles, and it holds promising ' preferred supplier' contracts with the British Chambers of Commerce and the National Federation of Builders. This week Ryland Group posted of record profits for the six months to October 31, 1996. The company achieved a pre-tax profit of £2 million, up 29% over the same period in 1995, on turnover of £201 million, up 30%.