Monday, April 22, 2024


Italian flag carrier Piaggio Group has posted its best performance since 2007 in nine-monthly results to September 2021, which chairman and chief executive Robert Colaninno described with a remarkable degree of understatement as “obviously satisfying, given problems ensuing from the pandemic”. BDN financial editor Roger Willis reports.

Group revenue reached £1.122bn, growing by 32.7% versus the equivalent period last year and 9.9% ahead of the pre-Covid position in 2019. Operating profit was 53.1% up to £82.9m with operating margin increasing to 7.4% from 6.4%. Pre-tax profit rose by 71.3% to £70.8m and net profit came in at £43.9m, 77.1% higher. 

Net debt fell by 16.2% to £317.1m, against the level in September 2020. This was attributed to “careful management of working capital and operating cash flows generated by positive business performance”.

Three-quarterly turnover from powered two-wheelers, plus associated spares and accessories, climbed by 39.3% to £944.5m. Scooter and motorcycle sales volume  worldwide across the Piaggio brand portfolio was 28.9% up at 366,000. Indian market numbers almost doubled and the Asia-Pacific region put on 39%. Western markets in the EMEA (mostly Europe) and the Americas increased by 15.3%, with Italy adding 22% and a 62.6% upturn in North America.

European scooter segment leadership continued thanks to a 23.1% share and scooter share in North America strengthened to 36.1%, up from 27.3% in the comparable period last year. Piaggio’s scooter segment overall claimed a double-digit percentage rise globally, led by record Vespa brand growth of more than 40%. Piaggio Beverely and Liberty big-wheeled scooters, plus Aprilia scooters, also apparently made significant contributions.

In addition, the Group says its Aprilia and Moto Guzzi motorcycle brands both achieved record results, delivering their highest volumes and revenues ever.

However, investors on Milan’s Borsa Italiana were signally unimpressed by this results presentation, wiping 7.6% off Piaggio’s share price on the day of release and failing to regain confidence in its veracity during subsequent days’ trading.

€-£ currency translation at forex rates on 2 November     


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