Full-year results to 30 June 2022 for leading British brand Triumph Motorcycles highlight significant advances for the company. BDN financial editor Roger Willis reports.
Bouncing back impressively, global Triumph revenue surged by 41.6% to £711.2m. Within that, UK turnover was 13.3% up to £79.2m. The rest of Europe, led by France, Italy and Spain, added 24.8% at £292.1m. North America put on 25% to £145.6m. Other markets, principally in Asia, grew exponentially by 137.4% to £194.3m.
Worldwide sales volume rose by 25.8% to 89,143 bikes. Some 89% of them were sold in overseas countries, up from 86.1% in the previous 12 months. Triumph says sales of the Trident 660 range have been a particularly major contributor.
Dealer network growth has also played a big role. Geographic footprint has benefited from 49 additional dealers in the past year, with plans for a further 70 to come — taking the total globally to 790 by June 2023.
Profitability has been transformed too. Annual operating profit for the year to June 2022 recovered to £14.1m, from an operating loss of £6.5m in 2021. Dividends of £37.9m, transmitted from Triumph Motorcycles Thailand through Triumph Motorcycles Overseas to the UK parent, then helped to boost pre-tax profit to £52.4m, against a previous pre-tax loss of almost £11m. Net profit came in at £49.7m, versus a 2021 net loss of £7.9m.
Looking ahead, Triumph sees its principal risk as an anticipated downturn in the global economic climate. “Trading conditions for the motorcycle industry are expected to remain challenging,” it said in the results statement, citing the continued constraints of heightened freight costs, supply issues, consumer credit lending and individual spending.
Nevertheless, it is optimistic about investment in new products and new markets, especially noting prospects for future expansion in Asian countries. And, during the new financial year, the company is looking forward to launching an off-road portfolio for the motocross and enduro segments.