Evans Cycles says it is reaping the reward of investing to grow the business after it revealed that pre-tax profit had risen almost nine-fold to reach £2.3 million in the year to November 2013, against £269,000 a year earlier.
Turnover rose by 8.7 per cent during the period to reach £114 million, reports Retail Week, while earnings before interest, tax, depreciation and amortisation (EBITDA) were up 47 per cent to £5.9 million.
The year saw the launch of the Hoy range of bikes from six-time Olympic champion, Sir Chris Hoy, available exclusively through the retailer.
Chief executive Nick Wilkinson said: “It was a good year. I always said we were investing for growth.”
During the period, the company opened three new stores and closed one existing outlet, to bring its chain to 47 branches, and Wilkinson says he is keen to continue its expansion beyond London, with plans to open six stores a year.
“Half of our stores are within the M25 and we want to be in all the big cities,” he said. “We think there is good scope to open more shops but we don’t want to have too many.”
He also highlighted growing online sales, including click-and-collect purchases where goods are ordered on the internet and picked up in-store, plus growth in mobile orders.
Wilkinson added that “strong demand for cycling is persisting” and that the company is “pretty positive about 2014.”
According to Evans’ website, Wilkinson spent four years running a chain of DIY stores in the Netherlands before joining the London based retailer in 2011.
It says that gave him first hand experience of the “positive impact cycling can have on individuals and communities.”
Born in Scotland, Simon moved to London aged seven and now lives in the Oxfordshire Cotswolds with his miniature schnauzer, Elodie. He fell in love with cycling one Saturday morning in 1994 while living in Italy when Milan-San Remo went past his front door. A daily cycle commuter in London back before riding to work started to boom, he's been news editor at road.cc since 2009. Handily for work, he speaks French and Italian. He doesn't get to ride his Colnago as often as he'd like, and freely admits he's much more adept at cooking than fettling with bikes.