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TURNOVER BOOST FOR PIAGGIO

According to its financial results for the first nine months of 2015, Piaggio Group’s powered two-wheeler and light goods vehicle business revenue benefited from higher-margin products off-setting slight volume shrinkage. Nevertheless, profits were reduced.

Total sales rose by 7.7% to £713m. Scooters and motorcycles, plus associated spares and accessories, accounted for £498.6m of that — up by 6.5%. However, operating profit fell by 16.5% to £41.3m and operating margin dropped from 7.5% in the same period last year to 5.8%. This decline was attributed to an £8.5m rise in amortisation and depreciation. Net profit was down by 16.4% to £13m.

PTW sales volume was 3.3% lower, at 251,000 units. But Piaggio says this was counterbalanced by a better premium-priced product mix, notably with 32.9% and 6.8% respective revenue increases from motorcycles and the Vespa brand. Moto Guzzi posted a 35.7% improvement and Aprilia was up by 23.4% — in both cases due to the success of new models reaching dealers in the first half of 2015. In geographical terms, PTW revenue improved for all of Piaggio’s main global markets. Europe and America grew by 5.1% to £392.5m. Asia Pacific countries added 9.7% to £93.7m. India stacked on 32.2% to £12.4m.    

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