Tuesday, April 23, 2024
HomeNEWSINTERNATIONALPANDEMIC PINGED BY PIAGGIO

PANDEMIC PINGED BY PIAGGIO

First-half results from Piaggio Group detailed an extraordinary scale of recovery for Europe’s largest powered two-wheeler manufacturer. BDN financial editor Roger Willis reports.

Total six-monthly revenue soared by 50.3% to £770m, versus the equivalent period last year, and was even 10.4% up on the first half of 2019. Within that, turnover from scooters and motorcycles — including associated parts and accessories — rose by 62.7% to £649.8m.

Operating profit grew by 225.5% to £68.7m, with operating margin more than doubling from 4.1% to 8.9%. Pre-tax profit added 364.9% to £60m and net profit was 378% higher at £37.2m. Net debt fell by 24% from the end of June last year to £343.6m.

Combined global scooter and motorcycle sales volume recovered by 49% to 242,800 and was 12.5% better than the first-half tally in 2019. Numbers improved handsomely in all areas where Piaggio has a significant presence.

Its European market put on almost 25%, with an increase of about 50% in Italy. Asia-Pacific markets were 66% up, including growth of more than 90% in China. America and India reportedly more than doubled.

Global scooter sales stacked on in excess of 50%, maintaining a 23% market share in Europe and increasing North American scooter share to 35.1% against 23.9% in the first half of 2020.

The Group’s motorcycle brands also apparently did well. Aprilia claimed its highest revenue since 2007, more than doubling last year’s effort and up by about 50% on the same period in 2019. And Moto Guzzi enjoyed a record result, with highest-ever sales volume and turnover.  

€-£ currency translation at forex rates applicable on 2 August      

 

RELATED ARTICLES

Product News

SHARE PRICES AND MARKET ANALYSIS

A snapshot of motorcycle and ATV industry share performance across key manufacturers and major global markets at the trading week closure on Friday 19...