Ribble Cycles sees 'encouraging' improvement after making £5 million loss in 2022: The Preston-based retailer cited supply chain disruption and lead time uncertainty for 'challenging' year, and has restructured while taking on additional funding. cycling
Ribble Cycles' latest accounts show the company suffered losses of almost £5 million in its latest financial year, and has undergone a restructuring to mitigate risk while reporting"strong volume in growth demand of 10%" for the first half of 2023.and financial statements for Ribble's parent company Cyclesport North Limited in the 12 months to 6 November 2022 show a loss after taxation of £4,970,133, after the company made a loss of £325,072 in FY21.
"Turnover declined by £1m in FY22 to £26 million and gross profit declined by £1.5m to £9m as a consequence of the full cost and operational inefficiency impact of the significant supply chain challenges. "In addition, the business continues to invest in its systems, infrastructure and operational functions to support the drive for efficient profitable growth."Through a number of interviews and statements given to road.cc and other publications since 2021, Ribble has found itself defending long lead times for new models and delays in delivering bikes that customers had already pre-ordered or paid for.
to make its communication channels"more robust", and created a dedicated section of its website pulling together ‘Best Availability’ bikes with the earliest dispatch dates., with some customers saying their expected delivery dates had been pushed back without any notification.
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