With a double-digit European market decline and now negative performances in India and the Asia Pacific region too, the only positive in Piaggio Group’s half-yearly financial results to 30 June came from improvement in the USA.
Overall, revenue for this six-month period fell by 12.1 per cent to £578.3m. Operating profit dropped by 19.7 per cent to £49.6m. Net profit was down by 26.1 per cent to £21.5m. Group debt grew by 19.3 per cent to £394.6m.
Segmental product revenue from scooters sank by 14.4 per cent to £287.5m. But motorcycles suffered only a marginal retreat of 0.6 per cent to £77.4m. Total powered two-wheeler sales volume in Western markets fell by 20.4 per cent to 128,000 units. Asia Pacific lost 4.6 per cent at 48,500 units. Indian performance, mainly driven by light commercial vehicles but now also some scooters, suffered from the weak rupee reducing the value of sales and therefore repatriated earnings.