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LA DOLCE VITA AT PIAGGIO

Shrugging off Italian economic gloom, Piaggio Group had some reasonably good news in its nine-monthly results to 30 September. BDN financial editor Roger Willis reports.

Revenue over this period was 4.1% up at £965.3m. The contribution from scooters, motorcycles and associated products rose by 0.8% to £681.6m — exactly 70% of total turnover. Operating profit stacked on 22.9% to £74.9m and net profit boasted a 44.6% surge to £32m. Net debt stood at £357.5m, a 5.9% reduction year-on-year. Global PTW sales volume improved by 4.3% to 312,200 units. 

But after that revelation, hard figures ceased. We were told that performance highlights were led by a 31.4% rise in scooter sales volume on the Indian PTW market and a 7.5% improvement across the Asia Pacific region. In both cases, the Vespa brand reportedly claimed most of the credit. Worldwide Vespa shipments, including those to Europe and North America, increased by 14%. Big-wheeled Medley and three-wheeled MP3 scooters also got honourable mentions for sales growth. 

Motorcycle volume rose too, thanks to the Aprilia brand, which was 13.2% up. New Shiver 900 and Dorsoduro 900 models were cited as major participants in this splendid fortune. Moto Guzzi wasn’t deemed worthy of even a name-check, so we must assume its sales have declined.

These results clearly impressed investors. Piaggio’s share price on the Borsa Italiana in Milan climbed sharply by 6% on the day following their release.  

 

    

 

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