Fleet News

Kwik-Fit announces record profits

KWIK-FIT Holdings plc has announced record pre-tax profits of £55.1 million on record sales, for the year to February 28, 1998. The company once again won its annual race to deliver its results within three weeks of ending its financial year, and no wonder, with group turnover up 11% to £472.8 million (1996/97: £426.9 million), and operating profits up 35% to £58.4 million (£43.3 million before exceptionals).

Last year's pre-tax profits were £43.3 million. Shares rose 117p to 532.5p on the strength of the result. The strength of sterling helped the results, allowing Kwik-Fit to import large quantities of lower-priced tyres into the UK. Sir Tom Farmer, Kwik-Fit's chairman, said: 'Kwik-Fit Fleet continues to innovate in the fleet and contract hire market. For the largest operators we now offer an exclusive supply contract based on a fixed fee per vehicle basis which is controlled from our computerised tyre management facility.'

Kwik-Fit Holland's sales and profits were up, and the company now has both a fleet and mobile tyre-fitting operation. In the UK, Kwik-Fit runs 600 centres, a fleet of 149 mobile tyre fitting vehicles, as well as a 25% equity holding in Apples Car Clinics' 75 sites, and a 33% holding in Hometune Motoring Services which operates 92 mobile servicing vehicles. And Kwik-Fit Insurance Services - which sells motor policies to private drivers - has continued to grow rapidly.

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