Piaggio has reported its best first-quarter results since 2008, before the global financial crisis struck.
In the first three months of 2016, total group revenue rose by 1.7% to £242.3m. Some £164.3m of that was attributable to Piaggio’s scooter and motorcycle businesses, a 2% improvement. Operating profit for the period increased marginally by 0.9% to £8.6m. Net profit was 7.2% up at £1m.
Worldwide powered two-wheeler sales grew by 0.8% to 74,800 units. European positioning was strengthened with a 13.6% overall market share, rising from 13.1% in the first quarter of 2015. And the company achieved a 24.5% scooter share — almost 11 percentage points ahead of its nearest European competitor. Vespa brand revenue in Europe was up by 7.1%. Strength in the North American scooter market was also maintained, with a share of 19.6%.
Global motorcycle sales increased by 9.7%. Moto Guzzi’s contribution was boosted by a 5.3% hike in California volume, while Aprilia enjoyed 62.5% growth for the RSV4 1000 range and 104.4% for Tuono models.
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