Products dedicated to powered two-wheelers were the strongest growth driver for Italian automotive brakes giant Brembo in its full-year 2022 results. BDN financial editor Roger Willis reports.
Annual revenue from OE motorcycle applications climbed by a record-breaking 44.3% to £422.4m. However, this figure was dwarfed by a 30.5% increase in turnover for the car sector to £2.337bn.
Overall group revenue covering the car, motorcycle, commercial vehicle and racing applications in Brembo’s industrial portfolio rose by 30.7% to £3.215bn. Resultant operating profit was 32.9% up to £338.9m. Operating margin improved from 10.4% to 10.5%. Net profit put on 35.9% to £259.2m. Net debt was slashed by £113.8m to £444.3m.
In Europe, sales across all sectors grew by 10.5% in Italy, 33.8% in Germany and 18.5% in France. But the UK declined slightly by 1.8%. Elsewhere, India was 40.4% up and China added 30.4%, while Japan fell by 9.6%. Latin America and North America (USA, Canada and Mexico) posted respective 66.1% and 48.8% increases.
Commenting on such excellent performance, Brembo executive chairman Matteo Tiraboschi said: “In terms of revenues, margins and net profit, we achieved the highest figures ever in the company’s history. All the main segments in which we operate contributed to the result. This milestone was reached in spite of the complexities of a year especially marked by the consequences of the war in Ukraine and persistent inflation pressures on raw material markets.”