Fleet News

Kwik-Fit expansion continues

KWIK-FIT reported continuing growth and another crop of promising results in the six months to August 31. Pre-tax profits increased by 19% to £21.5 million (1995: £18.1 million) on turnover up 21% at £220.0 million (£181.9 million).

The Kwik-Fit network continued to expand during the half year with the opening of 54 new centres since April and the new insurance and telemarketing operations performed better than expected. Despite a slowdown in demand for replacement parts in the UK, tyre sales increased by 36%, exhaust sales by 14% and brakes by 31%.

Kwik-Fit Fleet increased its share of the company car sector and the growth of the mobile tyre fitting service together with the increase in the number of Kwik-Fit centres throughout the UK will provide higher service levels to corporate clients. The overall network now stands at 846 centres in the UK, Ireland and Holland, 117 mobile tyre fitting vehicles, 24 trade distribution outlets and stakes in 75 Apples Car Clinics and 90 Hometune mobile servicing vehicles.

The insurance division showed a net profit for the first time in August - a trend which is expected to continue - prompting the board to write off the £5.1 million development costs in the half year instead of over three years.

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