Profit surged by 120 per cent at the owner of Autoglass as its sales jumped to almost £500m during its latest financial year.
Belron International, which is headquartered in Surrey, has reported a pre-tax profit of £336.8m for 2023, up from the £155.3m it achieved in 2022.Belron International
Newly-filed accounts with Companies House also show the firm’s turnover increased from £346.7m to £499.9m over the same period.
Belron International was founded in 1897 in Cape Town, South Africa, and is now based in Egham.
As well as running Autoglass in the UK, Ireland and Poland, its brands include Carglass in most of Europe, O’Brien AutoGlass in Australia, Safelite in the United States, Smith & Smith in New Zealand and Lebeau and Speedy Glass in Canada.
Belron International is ultimately owned by D’Ieteren Group while its shareholders also include Clayton, Dubilier & Rice (CD&R), Hellman & Friedman, GIC and BlackRock.
Autoglass owner sets out ‘clear ambition’
The Autoglass owner said the spike in its pre-tax profit was because of the rise in turnover which itself was fuelled by higher franchise fees.
It also said it had experienced growth in the USA, France and Germany.
The company added that its administrative expenses had reduced, from £194.7m to £169.9m, because of transformation costs being recharged to group entities.
As a result of its improved financial performance, the owner of Autoglass issued a dividend of £220m, up from £200m.
In a statement signed off by the board, the business said: “The group has continued to pursue its fit for growth profit improvement programme focusing on accelerating growth as well as improving efficiency. Numerous initiatives are underway within this programme.
“The group has a clear ambition to become the world’s natural choice in vehicle glass repair replacement recalibration.
“Being responsible in how we do business is critical in reaching this goal.”