Piaggio Group’s half-year financial results are a litany of positives with improvements in all key indicators, reports British Dealer News financial editor Roger Willis.
Consolidated revenue in the first half of 2016 rose by 1.8% to £596.5m. Powered two-wheeler business turnover contributed £428.4m to that total, increasing by 2.2%. Operating profit soared, 11.3% up at £40.4m. And net profit did even better, surging by 21.9% to £15.2m after a £10.1m tax hit.
Global sales volume grew by 3.6% to 182,100 scooters, pedelecs and motorcycles. Piaggio claimed an overall European bike market share of 14.8%, up from 14.6% in the same period last year, and 26% for scooters — 12 percentage points ahead of its nearest competitor in Europe. The group maintained muscular positioning in the North American scooter market too, thanks to a 19.1% share.
Moto Guzzi motorcycle sales improved by 8%, with useful input noted for the new V9 Roamer and Bobber models. And a fleet of 20 California Touring 1400 models were supplied to Italian President Sergio Mattarella’s Corazzieri Guard of Honour. Aprilia growth was led by Tuono V4 naked sports machines, posting a 55% sales rise.
Piaggio’s share price on Milan’s Borsa Italiana also turned a corner following the results announcement, leaping upwards by 10.9% after a series of recent losses.Â
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