CLOPPENBURG, Germany (BRAIN)—Derby Cycle reported a revenue increase of 40 percent during the first half of its financial year doubled sales of electric bikes, according to a financial report released Monday by the German company.
Revenue rose to 114.4 million euros for the six months ending March 31, up from 81.5 million euros during the same time period the year before. Operating profit climbed 65 percent to 10.5 million euros, and net income was up 43 percent from 4.2 million euros to 6 million euros.
This growing trend in the first half of the year is primarily based on Derby’s strong position in the electric bicycle trend product area, as well as its ongoing internationalization, the company said.
“We were able to continue the previous years’ success story in the first half-year,” said Mathias Seidler, CEO of Derby Cycle AG. “We succeeded in further enhancing profitability to more than 9 percent compared with the same period of the previous year, which already represented a record half-year. We naturally take a particularly positive view of the fact that we were able to further extend our outstanding market position in the electric bikes area, in particular.”
Sales of electric bikes soared 134 percent in the first half of the year, from 17,000 in the prior year period to 39,000 units this year. Overall, approximately 244,000 bicycles from the Kalkhoff, Raleigh, Rixe, Focus and Univega brands were shipped at group level. This represents 17 percent growth compared with the previous year’s figure of 209,000 units. The share of foreign sales increased to 32 percent, up from 29 percent the year before..
Because of a successful half-year, Derby has raised its full-year forecast to between 220 million euros and 240 million euros with profitability between 8 and 9 percent.