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HomeNEWSFINANCIALANOTHER WEAK YEAR FOR PIAGGIO

ANOTHER WEAK YEAR FOR PIAGGIO

Although Europe’s biggest powered two-wheeler manufacturer Piaggio has seen profitability improve in its full-year 2014 financial results, turnover was flat with bike sales revenue and volume declining again.

Total revenue grew marginally by 0.1 per cent to £881.8m. Bikes sales accounted for £526.8m of that, down by 0.5 per cent overall. Scooters were actually up by 1.4 per cent to £439.4m but motorcycles fell by 8.8 per cent to £87.4m.

Global powered two-wheeler sales volume dropped by five per cent to 334,200 units. Western markets were strongest, with only a 0.9 per cent reduction to 209,400 units. SE Asia was down by 3.5 per cent at 97,800 units and India plummeted by 30.6 per cent to 27,000 units.

Group operating profit nevertheless climbed by 11.2 per cent to £50.7m, attributed to a higher-margin model mix. Net profit rose by 3.2 per cent to £13.5m. 

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