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SCOOTING AHEAD AT PIAGGIO

Piaggio Group has unveiled uninterrupted growth in three-quarterly corporate performance data to the end of September 2019. BDN financial editor Roger Willis reports.

Total turnover for the nine-months was 9.8% up at £1.037bn. Within that, powered two-wheeler sales revenue climbed by 10.6% to £737.7m, on a 3.1% volume increase to 321,900 scooters and motorcycles.

Operating profit achieved 17.2% growth to £86m and operating margin improved from 7.8% to 8.3%. Pre-tax profit stacked on 23.3% to £70.4m and net profit was 26.7% higher at £39.8m. Net debt fell by 9.5% to £316.8m, on a rolling year-on-year basis.

Without detailed figures, the company claimed its scooter segment had racked up 9% net sales growth in the period, driven mainly by Vespa products. But excellent performances were also noted for Piaggio MP3 and Liberty models, as well as Aprilia scooters.

The much smaller motorcycle business apparently boasted a 23% net sales surge, largely due to Moto Guzzi getting a major boost from the new retro adventure V85TT. Aprilia bikes were also positive, led by RSV4 models.

Geographically, Piaggio says it has done well in the Asia-Pacific region, with an 18.7% sales volume increase and 27.5% hike in associated revenue. Europe and America delivered a relatively modest joint contribution of 2.5% more volume and 8% more money. But the company admitted that its Indian operations had taken an unquantified spanking — just like every other competing brand in contention there, in the face of India’s sharp economic downturn.          
 

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