Belron reported another successful year of growth in its annual report. The company credits its Fit for Growth program and selling its operations in Russia and Turkey as contributing to the increases in its fourth quarter. Belron owns Safelite Autoglass in the United States.
The goal of Belron’s Fit for Growth program, launched towards the end of 2018, was to aid in boosting the company’s financial performance. In December of 2018, Belron sold its operations in Russia and Turkey to the local management teams. As a part of the transactions, Belron entered into franchise agreements with the new owners to continue to provide a trademark license for the Carglass® brand, according to the company.
According to the company’s financial reports, it saw a 10.3 percent spike in its organic sales and attributes the success to its work in the U.S. and other countries.
“Belron has a strong growth in organic sales, adjusted operating result and free cash flow. The US was the main contributor to the increase in profits, followed by France, the UK, Spain and Germany,” according to the report.
Belron has also seen an increase in the number of customers it has. The report showed an increase of 8 percent, or 17.8 million for its consumer base. Belron also reported, 17.3 million, or 6 percent, came from its Vehicle Glass Repair and Replacement (VGRR) division.
“Belron anticipates moderate single digit organic sales growth. The improvement will reflect sales growth and efficiency initiatives in all countries, together with lower charges related to the long-term management incentive program,” the company stated in a release.
To see the full report, click here.