Pirelli profits rise after major deals signed

9th August 2013

Tyre maker Pirelli has announced that profits at its UK arm have jumped significantly, while turnover for the company as a whole has remained steady.

The rise experienced by the British section of the company has been driven by a number of new contract wins with UK and European car manufacturers, which will see Pirelli products used as standard.

Turnover at the UK business remained steady at £329.6 million, after jumping by almost £40 million in 2011, while revenue contributed £177.2 million, as European income fell from £117.6 million to £98.7 million.

On announcing the figures, the firm's directors said: "The group intends to strengthen its position as a major tyre manufacturer and supplier in relevant markets by taking full advantage of its successful range of high-quality tyres and by continuing emphasis on product quality and service, focusing on a premium market segment strategy."

Pirelli is currently the fifth-largest tyre manufacturer in the world, posting £327.7 million pre-tax earnings in the six months to the end of June.

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