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PIERER ADMITS TO RED INK

KTM parent Pierer Mobility finally published audited corporate performance data covering the first half of 2020 on 31 August. And its boast of a “positive result”, headlining the unaudited preliminary version released in July, had disappeared. BDN financial editor Roger Willis reports.

That headline referred to a six-monthly operating profit, plunging by 96.4% to just £1.5m, and an operating margin which sank to 0.3% from 6.2% in the same period of 2019. No bottom-line figure was provided. But this latest revelation admitted to a net loss of £8.6m, against a £26.2m net profit in the first half of last year.

However, spurious claims about upbeat global unit sales volume were still there, albeit now qualified by the insertion of: “although e-bikes were not included in the previous year”. As pointed out by BDN both online and in print when commenting on the preliminary statement, Pierer had attempted to conflate the numbers by adding in some 34,351 Husqvarna and R Raymon pedelecs. Its worldwide motorcycle sales, encompassing the KTM, Husqvarna and GasGas brands, were actually a dramatic 33% down to 90,331. 

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