Profits rocketed more than fivefold at Triumph Motorcycles last year, as the British motorbike maker drove through better cost control and use of working capital.
Despite a "very difficult year for the global motorcycle industry", Triumph also grew turnover by 3 per cent to £312.4m for the year to 30 June.
This was driven by "strong" sales of motorbike parts, clothing and accessories, such as automatic breaking systems, said a spokeswoman. However, unit sales of motorcycles fell by 1.5 per cent to 45,501 over the year, which suggests that Leicestershire-based Triumph was able to push through price increases.
But the group, which was founded in 1902, said it was cautious about the outlook for the global market 2011, "due to the continued global economic crisis and the impact on consumer confidence and spending on discretionary consumer goods".
Triumph, arguably best known for its Daytona 675 model, said the world market for motorcycles bigger than 500cc has tumbled by almost half since its peak three years ago.
Triumph grew operating profit by 504 per cent to £15.1m for the year to the end of June, compared to just £2.5m for the previous year.
The profit acceleration was the result of "strong sales of motorcycles and related products, benefiting from better cost control, improved use of working capital and favourable impact from currency exchange rates," said the company.
While it is cautious about the macro environment for global motorbike sales, Triumph stressed it was stepping up its research and development budget and that the public and dealers had responded positively to its new bikes.
A spokeswoman said that Triumph has already launched five new motorcycles of which the new Speed Triple and the Tiger 800 Adventure range are the "most significant".Reuse content