Sunday, April 21, 2024


Thoroughly confounding its opposition, Piaggio Group continued to overcome the long list of obstacles they also faced in the first quarter of 2022 — apparently with consummate ease. BDN financial editor Roger Willis reports.

Total revenue climbed by 18.5% to £385.2m, a best-ever Q1 result. Turnover from scooters and motorcycles was 26% up, contributing £316.1m. That figure included £28.4m from spares and accessories. Worldwide sales volume grew by 15.3% to 119,000 powered two-wheelers.

Operating profit of £23.4m was 17.5% higher, although operating margin remained static at 6.1%. Net profit increased by 14.1% to £10.7m, also a best-ever Q1 result. Net debt of £372.7m was 1.7% down on the equivalent period last year.

The company said PTW sales were particularly strong in Asia-Pacific countries, rising by 32.8%. Europe, plus the Middle East and Africa, was 27.6% up. The Americas added 25.8%. It also maintained scooter segment leadership in Europe with a 21% market share, and North America with a 25.3% share. Global scooter sales, driven primarily by the Vespa brand, were 12.4% up.

Overall motorcycle sales revenue reportedly rose by about 45%. Moto Guzzi claimed double-digit percentage growth in both volume and turnover. Aprilia had an “extremely positive” quarter too, thanks to its new Tuareg adventure model and the RS660 — which makes an Isle of Man TT race debut this year.

Inevitably, Piaggio chairman and chief executive Roberto Colaninno was ebullient about the Group’s latest achievements: “Through careful cost management, we continue to monitor the effects of Covid, the serious crisis between Russia and Ukraine, and current difficulties in procuring electronic components. Nonetheless, thanks to the great strength of our brands, we are winning growing numbers of customers around the world.”

€-£ currency translation at forex rates applicable on 4 May.     

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