As clearly expected by investors piling into Piaggio equities prior to numbers being officially crunched, the Italian scooter giant has posted absolute record full-year results for 2022. BDN financial editor Roger Willis reports.
Piaggio Group annual revenue hit the highest level ever achieved, 25.1% up to £1.854bn. Operating profit soared by 40.9% to £141m. Operating margin grew from 6.7% to 7.6%. Pre-tax profit stacked on 35.8% to £112.9m. And an all-time record net profit had risen by 41.4% to £75.4m.
Less enthralling was the fact that net debt fell by just £10.7m year-on-year to £325.8m, leaving the company still highly geared.
Revenue from scooters and motorcycles, including related parts and accessories, increased by 23% to £1.49bn, accounting for slightly more than 80% of Piaggio Group’s entire turnover. PTW sales volume worldwide rose by 14.8% to 516,200.
Turnover was particularly strong in the Asia-Pacific region, growing by 57.1%. (Piaggio’s new Indonesian scooter factory, which came on stream in November, will no doubt be set to boost Asia-Pacific loot considerably further in 2023.) The Americas followed, adding 42.7%. EMEA countries, predominantly in Europe, improved by 10.3%. But sales in India were 5.3% down.
In Europe, Piaggio claimed leadership confirmation in the scooter segment with a share of 22.9%, up marginally from 22.7% during 2021. It also held positioning on the North American scooter market thanks to a 35.4% share — versus 35% in the previous year. The Aprilia and Moto Guzzi brands apparently “consolidated” their presence in the North American motorcycle segment too, which probably means volume didn’t actually decline. Globally, the scooter sector reported a 14.3% rise in turnover led by the Vespa brand, which recorded an increase of almost 30%.
Worldwide, motorcycles achieved a 19.7% improvement in sales volume and revenue. Aprilia boasted its highest-ever turnover, up more than 30%, with especially strong performances from RS, Tuareg 660 and Tuono 1100 models. Moto Guzzi flagged up record volume and revenue rising by more than 15% too, led by its retro V85TT adventure bike, the V7 range and the new V100 Mandello. However, the studied absence of finite figures has to be a testament to Piaggio’s relatively minor role in the motorcycling firmament.
Commenting on apparent good fortune, Piaggio chairman and chief executive Roberto Colaninno said: “We closed 2022 with our best results ever, setting new records for all indicators. The geopolitical and macroeconomic situation was, and continues to be, complicated. But we are confident and optimistic about 2023 and will continue along the important growth path we have already mapped out.”
€-£ currency translation at forex rates applicable on 3 March.