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PIAGGIO: STAR PERFORMANCE

Claiming to be unaffected by what Piaggio Group chief executive Roberto Colaninno described as an “extremely complex macro-economic situation”, his company finished the nine months of 2022 to date with its best results ever. BDN financial editor Roger Willis reports.

Overall revenue soared by 23.3% to £1.397bn, the highest turnover ever achieved by Piaggio within this timeframe. The contribution from powered two-wheelers plus related spares and accessories was 20.6% up to £1.151bn. Operating profit grew by 38.4% to £116.2m. And a record nine-monthly net profit added 37.4% to £61m. Net debt stood at £318.4m, 2.8% down from the beginning of this year.   

Global unit sales volume in the period increased by 12% to 410,000 scooters and motorcycles. Turnover from PTWs was strongest in the Asia Pacific region, climbing by 55.1%, followed by the Americas putting on 44.4%. EMEA markets — principally European countries — rose by 7.7%. India managed only a 1% increase. Piaggio’s Asia-Pacific scooter manufacturing presence in Vietnam will shortly by joined by a new plant in Indonesia, scheduled to be in production before the year-end.

European scooter market share reached 23.5%, a 0.4% improvement. And the company further strengthened its positioning on the North American scooter market, with its dominant share also rising by 0.4% to 34.9%. Worldwide, scooters  saw double-digit percentage growth in sales volumes, driven by record numbers for the Vespa brand. The Aprilia and Moto Guzzi motorcycle brands both apparently registered record sales too.

€-£ currency translation at forex rates applicable on 1 November   

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