COST CUTTING ATTRIBUTED FOR RISE IN REVENUE AT LKQ EUROPE

LKQ Europe has reported a year-on-year rise in revenue for Q4 2020, despite the impact that numerous lockdowns across the Continent have had on the industry.

The corporation has attributed the rise on strict cost cutting and supply chain management as well as the ‘One LKQ Europe’ programme implementation that has seen brands, systems and logistics merged across the business.

2020: ANDREW PAGE TO REBRAND AS LKQ EURO CAR PARTS

‘Consistent cost-cutting’ helped revenue says Arnd Franz (File photo)

Revenue for the fourth quarter of 2020 was $1.43 billion, an increase of 0.6% as compared to $1.42 billion in the fourth quarter of 2019. Revenue for the full year of 2020 was $5.49 billion, a decrease of 5.9% as compared to $5.83 billion for the same period of 2019. The segment EBITDA margin targets for Europe provided at the September 10, 2020 investor day remain unchanged.

2020: LKQ BOSS: INVESTMENTS UNDER REVIEW ‘TO SECURE LIQUIDITY’

“Our main focus during the pandemic has been the health and safety of our approximately 26,000 European employees. We were prepared since the early days of the pandemic to protect our business, employees and customers. Based on Covid-19’s impact on our business, we quickly implemented consistent cost-cutting measures and were able to address almost all cost structures. Our teams continued to fully focus on our customers to support them during a challenging time. Looking ahead, we expect a recovery starting in the second quarter of 2021 in Europe, depending on the vaccination progress. 2021 will be an important year for our European integration,” said Arnd Franz, CEO of LKQ Europe.

For the latest news and analysis from around the aftermarket, sign up to the CAT eNewsletter today

Published by GregWhitaker

Editor of CAT Magazine and an experienced motoring journalist

AAG ACQUIRE UCKFIELD FACTOR

Two-branch UAN member becomes part of Alliance Automotive Group

Read More

EUROREPAR LAUNCHES PAYMENT PLAN

Pre and post-work finance offered by garage scheme

Read More

UK GOV TO REVIEW BLOCK EXEMPTION RENEWAL

The Secretary of State may vary, revoke or replace the block exemption agreement

Read More

CV SHOW 2021: NEW DATES

Organisers have announced that the CV Show 2021 has been rescheduled with new dates.

Read More

OMBUDSMAN: FUTURE MOT DEMAND REMAINS ‘UNCLEAR’

The Motor Ombudsman polls 600 garages on the fall out of the MOT extension

Read More

Go to comments

Your email address will not be published. Required fields are marked *