HiQ reveal half year results
4th August 2010
The HiQ fast fit network has pinpointed its partnership led franchise structure as a major factor behind its ongoing success, after revealing its half year business results.
Year-on-year turnover like for like has risen by more than 7 per cent, while gross profit increased by a double digit figure for the same period.
In addition, the network's 145 centres welcomed more than 8% additional customers.
HiQ's retail director Juergen Titz said the impressive performance was testament to the living partnerships between HiQ and their network of franchisees.
He said: "The results are a welcome boost for everyone associated with HiQ, and represent a show of strength as we continue to perform very strongly in the market.
"These results continue to prove that our entrepreneurial approach, coupled with a franchise concept, is working well."
Recent market data shows a flat tyre sell out market compared to 2009, while HiQ has increased its percentage of sales by more than 5 per cent. More of our customers are buying more tyres.
Juergen added: "We are seeing some noteworthy successes in the expansion of the network, and continue to support our business partners in a number of ways to help them achieve their goals.
"These half year business results tell us that we are succeeding in many ways, but we have another 6 months of work ahead and we must retain our focus."
"We have a spirit and dynamism around everything we do, which is important. We have new partners on board and we will continue to aggressively expand the network in 2010 and beyond.
"Each franchisee must exploit the vast range of support that we have to offer through our create demand programme. Local heroes at each centre, coupled with our strong national retail brand, will make the difference."