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POSITIVE YEAR FOR PIAGGIO

Piaggio Group’s 2016 full-year results highlight growing strength for its powered two-wheeler operations, moderated by poor performance in the light commercial vehicle sector. BDN financial editor Roger Willis reports.

Total annual revenue rose by just 1.4% to £1.12bn. But the majority contribution from scooters and motorcycles was 3.6% up to £782.4m, including associated spares and accessories. (Revenue from commercial vehicles was 3.4% down, with unit volume dropping by 4.7%.)

Overall operating profit grew by 7.4% to £52m. Operating margin improved to 4.6% from 4.4% a year earlier. Net profit was 18.3% up at £12m. Net debt fell by 1.4% to £419.1m.

Piaggio shifted 6.7% more PTWs during the year, a global headcount of 344,000 units. Group leadership in the European PTW market was reinforced with a share of 15.4%, against 15.2% in 2015. Scooter hegemony in Europe was also cranked up to a 25.4% share from 24.1%. Volume in India rocketed by 40%, with Aprilia’s SR150 scooter joining Vespa-branded products. The company also maintained its strong presence in the North American scooter market with a 20.1% share.

Motorcycles were also reportedly healthy. Worldwide sales of the Moto Guzzi range climbed by 13%, fronted by V9 Roamer, Bobber and MGX-21 offerings. Aprilia’s Tuono range posted a 24.8% increase and the RSV41000 claimed a “steady sales performance” — which probably means “stagnant” in any language other than Italian.  

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