Monday, July 15, 2024


Full-year 2018 results for Yamaha paint an increasingly dismal picture of its main motorcycle business. BDN financial editor Roger Willis reports.

Annual revenue from bikes was 2.2% down to £7.168bn, as total sales volume fell marginally by 0.3% to 5.374 million units. Associated operating profit plummeted by 20.8% to £382m.

Developed markets were responsible for most of the damage, with revenue sinking by 6.4% to £1.643bn and an operating loss of £119m — against a £34m loss in 2017. Europe was the biggest culprit. Volume dropped by 11.6% to 176,000 bikes and revenue was 5.2% lower at £921m. In North America, volume fell by 4.3% to 67,000 and revenue by 4.9% to £351m.

Emerging markets, principally in Asia, did better but were still slightly on the back foot owing to adverse foreign currency conversion. Volume increased by 0.4% to 5.039 million. But revenue was 0.9% down to £5.525bn and operating profit retreated by 3% to £501m.

Although every other company division apart from power products achieved positivity in terms of both sales revenue and income, Yamaha’s struggling motorcycle segment inevitably put a dent in its overall bottom line. While revenue rose by 0.2% to £11.733bn, operating profit declined by 6% to £987m and net profit was 8.1% down at £655m.


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