News Article

Raleigh Cycle Results: Onwards and Upwards

Home

JERSEY, UK (Jan 27) – Raleigh Cycle Limited announced today that its financial results for the year ended September 2004 show a significant turnaround in performance: · Revenues grew from USD 259 million in 2003 to USD285 million in 2004 from a 7.3% increase in cycle units sold. · Turnover before taxes grew from USD3.8 […]

JERSEY, UK (Jan 27) – Raleigh Cycle Limited announced today that its financial results for the year ended September 2004 show a significant turnaround in performance:
· Revenues grew from USD 259 million in 2003 to USD285 million in 2004 from a 7.3% increase in cycle units sold.
· Turnover before taxes grew from USD3.8 million in 2003 to $10.5 million in 2004 from both revenue and margin growth and reduced expenses, mainly from turning the UK operations round into profit, and from significantly improved results in Canada and Germany.
· A strong balance sheet has net liquid funds (i.e. cash over debt)
Consolidated total assets of USD126 million – including USD22 million in cash. Consolidated total liabilities of USD75 million – including USD17 million of total debt
· Shareholders’ funds of USD51 million provide a solid financial foundation for future business

Raleigh Cycle Limited’s Chief Executive Officer, Alan Finden-Crofts said “We are pleased with the performance of the company in 2004 and believe the figures validate the faith placed in the business by the management team when we secured the management buyout in 2001. The strength of Raleigh Cycle’s distribution chain, brands, products and purchasing power are now adding the value needed in a mature business. Several recent senior appointments to the team are demonstrating what can be achieved through experienced and skilful management. The board looks forward to building on this momentum in 2005”.

Raleigh Cycle Limited was formed in 2001 by the management to buy-out the Raleigh and Diamondback bicycle and fitness businesses from The Derby Cycle Corporation. Raleigh Cycle Limited is a leading designer and distributor of branded bicycles in Canada, Germany, Switzerland, UK and USA, markets and distributes home fitness equipment in USA, has an international operation which licences its brands across the globe and has trading companies based in Taiwan and China. It has over 800 employees and markets under the Raleigh, Diamondback, Univega, Focus, Kalkhoff, Rixe, Avenir, Cyclepro, Phillips, Triumph, Hercules and BSA brands.(Press Release)

Comment on this article