Kwik-Fit profits double to £22 million in full-year 2013 results

Kwik-Fit GB has reported operating profits of £22.922 million – almost double the 2013 figure of £11.918 million – despite annual sales remaining relatively flat (the company posted just a 1 per cent increase over 2013).

Official figures show that the company reported a sales turnover £519,087,000, gross profits of £68,540,000 and operating profit of £21,922,000. Capital expenditure during the year totalled £26,171,000. During the reporting period ended 31 March 2014, the average number of employees at the company was 5,112.

Writing in their annual report, company directors said in their report that they were “satisfied” with the results despite the apparently “challenging’ market environment. Some media sources suggested that the preceding mild winter had a negative effect on demand for its products and services, which no-doubt includes winter tyres.

Further reports suggested Kwik-Fit is investing £26 million during this year refurbishing 58 of its outlets. As we can see above, company representatives confirmed that this amount of money was being invested in “capital expenditure”, but didn’t go into any more detail regarding the purpose of these funds.