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SOLID PROGRESS AT PIAGGIO

Despite its chairman and chief executive Roberto Colaninno complaining about “the current difficulties in procuring electronic components”, Piaggio Group posted firm turnover, bike sales volume and profitability advances in the first half of 2022. BDN financial editor Roger Willis reports.

Overall revenue grew by 16.8% to an all-time record of £882.6m. Within that, income from powered two-wheelers plus associated spares and accessories was 15.1% up to £733.8m. Total operating profit was 6.7% higher at £71.9m. But operating margin dropped from 8.8% to 8.1%. Net profit rose by 3.9% to £37.9m — Piaggio’s best first-half performance since 2008. Net debt was reduced by 1.1% to £333.1m, versus the position 12months earlier.  

Global sales volume prospered by 11.8% to 271,600 scooters and motorcycles. Asia-Pacific markets put on 27%. North and South America were 26.3% up. The EMEA grouping, primarily Europe, added 7%. However, volume in India suffered a 7.4% decline — although associated revenue improved by 11.2%.

Piaggio claimed ongoing European scooter market leadership with a 22.5% share and 31% of North American scooter sales. It said the Vespa brand was principal driver of double-digit percentage scooter growth globally. Good performances were noted in Indonesia, Vietnam, China, India, the Americas and Italy.

Turning vague about motorcycles as usual, because numbers are relatively small, the company asserted volume growth of “around 30%”. Moto Guzzi had “a very strong first half” thanks to V7 and V85TT retro models. Aprilia was also “extremely positive”, led by new Tuareg and established RS 660cc products.      

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

 

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