Kwik Fit restores hundreds of jobs as sales and profit accelerate
Sales and profit at Kwik Fit accelerated during its latest financial year as the company created restored the 200 jobs it had previous shed.
The Letchworth Garden City-headquartered business has posted a turnover of £633m for the 12 months to 31 March, 2024, according to newly-filed accounts with Companies House.
The latest total comes after Kwik Fit reported a turnover of £564.2m for its previous financial year.
The new accounts also show that the firm’s pre-tax profit jumped from £13.5m to £32.6m over the same period.
During the year, the average number of people employed by the business rose from 4,665 to 4,892.
The increase comes after the firm cut its headcount from 4,881 in the previous financial year.
Kwik Fit operates vehicle repair centres and offers tyres, exhaust, brakes, MOT texting and vehicle servicing. It also runs more than 600 centres and 200 mobile fitting vehicles across the UK.
Kwik Fit ‘well placed to succeed’
A statement signed off the board said: “The company’s trading performance continued to improve significantly.
“The directors consider that this reflects an excellent performance, reflecting the resilience of the company’s market position.
“The directors intend that the company will continue with its existing strategy to focus on the customer experience and employee experience.
“In doing so, continue to develop the business’s market leading position by adapting to the changing requirements of the evolving car park and supporting safe, sustainable mobility.”
On its current trading, Kwok Fit added: “Trading in the first half of the year ending 31 March, 2025, has so far been satisfactory.
“Although concerns remain around input cost inflation, there are indicators that this may slow in the remainder of the year.
“The directors consider that the company is well placed to succeed.”
The company was established by Sir Tom Farmer who opened the first Kwik Fit location in Edinburgh in 1971.
Kwik Fit has been owned by the ITOCHU Corporation since 2011 but has previously been in the hands of other companies such as the Ford Motor Company and CVC Capital Partners.