Following the trading statement analysts cut Kwik-Fit's predicted 1998/99 pre-tax profits by up to £5 million to £59 million (1997/98: £55.1 million). But as snow and freezing cold weather gripped much of the country this week Sir Tom added: 'Nevertheless our expectations for winter sales demand in January and February should ensure a satisfactory result for the year.'
Kwik-Fit Group's year end is February 28 and trading for the 10 months to December is ahead of last year despite last month's fall-off. The announcement came as Kwik-Fit completed the acquisition of 568 automotive tyre and exhaust centres owned by SMK Speedy International - Kwik-Fit now operates from 1,880 centres. The outlets operate under the name Speedy in France, Belgium and Spain and Pitstop in Germany, and cost £105 million. The acquisition was announced last year.