Vredestein posts 27% 2012-13 profit
In its 2012-13 annual report, Apollo Vredestein B.V. has reported net sales of €425.5 million, a result comparable with its 2011-12 sales of €426.9 million. In terms of volume, passenger car tyre sales declined four per cent, and agricultural tyres decreased 11 per cent. However, the company’s market share went up – the Dutch manufacturer says the total replacement consumer tyre market in Europe for the 2012-2013 financial year was down 13 per cent – and a better sales mix resulted in higher average sales prices.
The Dutch manufacturer says the year was punctuated by difficulties in the European economy and declining market demand, and it shares that replacement consumer tyre market in was lower in nearly all categories. “With tyre inventories at a high level, clients were not willing to order large numbers of summer tyres,” the company shares. “A late start to the cold weather also translated into a poor winter season.”
Operating profit 2012-2013 increased by 20.7 per cent to €61.9 million, while net profit rose 27.7 per cent to €46.6 million.