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Pirelli enjoys financial success

By Burton Mail  |  Posted: August 13, 2014

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A TYRE giant with a major base in Burton is celebrating a spike in profits.

Pirelli, based off Derby Road, revealed it has seen a double-digit increases in operating and net profits in the first half of 2014.

The firm put its success down to above-average growth in premium tyre sales, created at the sprawling site in the town, and the 'positive effects' of efficiency measures Pirelli is implementing.

A spokesman for the firm said: "Business performances in Europe were positive."

The firm said it experienced revenue growth of about 10 percent and profitability above the group's average, mid-teens for Europe. "Operating income jumped 12.6 percent and net income was up 28.5 percent."

News of the financial success for the firm come at a time when its presence in the town is changing for the first time since the site was first built.

For the past year, a demolition team has been removing buildings on the Princess Way land including the removal of the iconic unused high bay warehouse in Derby Road.

The next stage will see up to 300 homes built alongside a commercial development including offices, a pub, hotel and restaurants.

Plans for the site were devised following Pirelli's decision to sell off unused buildings and land.

Its head office continues to operate from the existing office block.

Pirelli UK Tyres is part of the Italy-based Pirelli Group, which is the fifth largest tyre firm in the world.

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