Annual results from Piaggio delivered on every single parameter in 2018, BDN financial editor Roger Willis reports.
Overall sales revenue was 4.3% up at £1.207bn. Operating profit climbed by 28.3% to £80.6m and operating margin improved from 5.4% to 6.7%. Pre-tax profit grew by 69.4% to £58.9m and net profit by 80.6% to £31.4m. The company reduced its net debt year-on-year by 3.9% to £372.9m.
Piaggio’s powered two-wheeler sales volume during the year increased by 4.6% to 393,100 scooters and motorcycles. (Perversely, of course, the scooter category also involved some MP3 models with three wheels.) Related revenue, including parts and accessories, rose by 1.7% to £832.2m.
India was the strongest performer, with volume growing by 30.3%. Asia Pacific put on 9.7%. On both cases, Vespa and Aprilia SR products were dominant. European scooter market share more or less held station on 25.3%, as did North America with 23.9%. Sales of the Vespa brand reportedly gained 16% worldwide.
As for motorcycles, Aprilia was apparently 24.8% up, largely thanks to its Shiver 900, Dorsoduro 900 and SX50 models. Moto Guzzi failed to warrant a mention, so it’s safe to assume sales declined. Â
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