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PIAGGIO: SCOOTING AWAY WITH LOOT

Claiming its best annual performance since 2007, just before the worldwide banking crisis, Piaggio Group also appears to have consigned Covid’s impact to the dustbin of history. BDN financial editor Roger Willis reports.

Total full-year 2021 revenue reached £1.383bn, 27% up against 2020 and 9.7% higher than pre-pandemic 2019. Within that, turnover attributable to scooters, motorcycles and related P&A rose by 31.5% to £1.136bn.

Combined revenue in Europe, North America and Latin America recovered by 32.9%. Asia-Pacific markets did well too, leaping by 33.4%. But India declined marginally, 0.8% down due to an ongoing pandemic hangover.

12-monthly operating profit climbed by 58.9% to £93.4m. Operating margin improved from 5.4% to 6.7%. Pre-tax profit was 86.7% up to £77.7m. Net profit almost doubled, surging by 91.7% to £49.9m — a 28.5% increase versus 2019.

Net debt at the year-end was reduced by just 10.3% to £315.5m. However, Piaggio is a traditional Italian enterprise cool about crazy gearing, so a moderately ameliorated burden can be shrugged off.

Sales volume worldwide grew by 16.9% to 449,700 scooters and motorcycles, which was also 12.5% up on the number sold in 2019. Indian volume rose by 36.4% and was 26.1% up in Asia-Pacific countries. Europe and the Americas added 8.1%, driven largely by a 50.6% North American market upturn and Italian domestic sales bouncing back by 18.8%.

In Europe, the company said it maintained scooter segment leadership with a 22.7% share. And it also further strengthened positioning in the North American scooter market as share climbed to 35%, against 28.2% in the previous year. In addition, Piaggio’s motorcycle sector allegedly blossomed too, with both the Aprilia and Moto Guzzi brands boasting record revenues. But no specific details were provided.

€-£ currency translation at forex rates applicable on 3 March

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