Full-year losses have eased up for Evans Cycles thanks to the growth of e-bike purchases and store reconfiguration.
According to Retail Week, the specialist retailer had managed to reduce full-year pre-tax losses of £2.5 million in the 12 months to October 28, down from losses of £5.8 million in the same period the year before.
Sales at the retailer rose two per cent during that time, up to £138.8 million.
Evans Cycles said the growth was down to e-bike purchases and the fact it had reconfigured the store layout at a handful of its properties.
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The retailer said that investing in its websites alongside its cycle-to-work initiative “helped the company grow its revenue and improve profitability year on year despite broader market headwinds”.
It added: “The directors remain confident about the medium and long-term prospects for the UK cycling market, noting that UK adult cycling participation is significantly below European averages, especially in cities, while new products such as e-bikes continue to expand the addressable market and the government continues to invest in improving national cycling infrastructure.”
The results come as the retailer continued a turnaround strategy under interim chief executive Alan Fort, after ousting two other chief executives, Andy King and Nick Wilkinson in two years.
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