CLOPPENBURG, Germany (BRAIN)—Derby Cycle Werke reported a 30 percent increase in revenue for the first quarter of the fiscal year in its first financial report since going public on the Frankfurt Stock Exchange earlier this month.
Derby, Germany’s largest manufacturer, reported revenue of €37.8 million for its first quarter, which ended Dec. 31, 2010. That’s compared with €30.5 million for the same time period last in the 2009/2010 fiscal year. Net profit was up 28.4 percent, from €.8 million in 2009/2010 to €1 million this year.
During the first quarter, Derby sold 80,517 bikes, up 5.8 percent from 76,102 the year before. The number of e-bikes sold during the quarter soared nearly 140 percent from 5,294 to 12,634.
Derby is the top e-bike manufacturer in Germany with more than 20 percent market share, the report said. It owns the Kalkhoff e-bike brand, as well as Focus, Univega, Rixe. It also holds the license for Raleigh in much of Europe.
Of its total revenue in the first quarter, €25.5 million came from Germany; €11 million from Europe; and €1.37 million from the rest of its global markets. Derby is sold in 40 countries worldwide, and owns the Focus USA subsidiary.
In the first quarter last year, €20.9 million originated in Germany; €7.5 million in Europe; and €.6 million in the rest of the world.
That shift represents Derby’s focus on internalization and efforts to enter new markets outside Europe. Derby’s revenue has doubled in five years, according to the financial report.