Kwik Fit has reduced its workforce by over 200 jobs and experienced a significant drop in profits. This decline has been put down to higher product and energy costs during the financial year ending 31 March, 2023.
Despite a rise in turnover from £507.8 million to £564.2 million, pre-tax profits fell from £22.7 million to £13.5 million. The company’s headcount also decreased from 4,881 to 4,665 during this period.
Kwik Fit, which operates over 600 centers and 200 mobile fitting vehicles across the UK, attributed the decline in profits to a 20.84% decrease in gross margin compared to the previous year.
The company remains optimistic about its future, stating that trading has been satisfactory in the first half of the current financial year. While concerns persist about input cost inflation, they believe it may slow down in the coming months.
Kwik Fit was founded by Sir Tom Farmer in 1971 and has been owned by ITOCHU Corporation since 2011.
Source: City AM / Yahoo Finance
mark mitchell
we have one not far from us every time you go by it is empty they have a lot of competion know and there prices are not the best in the town