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HIGHS AND LOWS FOR DUCATI

Ducati’s business performance in the first half of 2019 contained some mixed messages but the bottom-line picture was positive. BDN financial editor Roger Willis reports.

According to the brand’s Volkswagen/Audi parent, total revenue fell by 3.3% to £392.2m. However, a better model mix ensured operating profit grew by 2.3% to £39.7m. Operating margin rose to 10.2% from 9.5%. As usual, German beancounters amended the earnings portrayal to eliminate “the effects of purchase-price allocation”. Restated figures featured a 3.7% profit increase to £50.5m and a margin of 12.9%, against 12.1% in the same period last year.

Total retail sales volume was 1.8% down to 31,716 bikes, with a slight improvement in Western Europe countered by ongoing decline in North America. Best performer was the Dual/Hyper segment covering Multistrada and Hypermotard models, surging upwards by 18.9% to 10,503. The Supersport and Superbike segment went in exactly the opposite direction on a proportional basis, 18.9% lower on 6217. So maybe demand for premium-priced Panigale V4 variants has now been sated. Naked/Cruiser products, encapsulating Monster, Diavel and Streetfighter kit, shrank by a marginal 1% to 8042. Scrambler sales dropped by 9.3% to 6954.

Production numbers, indicating adjusted inventory requirements going forward into the second half, were 8.5% lower at 34,759 machines. Naked/Cruiser led the field with a 27.1% increase to 10,050. Dual/Hyper was 19% up to 11,879. Supersport/Superbike plunged by 33.1% to 6553 and Scrambler suffered a 39.1% dive to 6277.
 

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