AS BRADLEY Wiggins cycled to victory in last year’s Tour de France victory, online cycling retailer Wiggle enjoyed a 21 per cent rise in annual sales, the firm revealed yesterday.
The firm, owned by private equity firm Bridgepoint, said revenues hit £140.8m in the year to 5 February, up from £116.5m a year ago. Meanwhile, earnings before interest, tax, depreciation and amortisation – an indicator of profitability – rose slightly to £14m.
Wiggle, which also sells triathlon equipment, put some of the increase down to expanding its international reach by translating its website and improving delivery times for Asian customers. However, sales in the UK rose at the same rate as the company as a whole, indicating a significant uptick caused by the cycling fervour around the Tour de France and Team GB’s performance in the Olympic Games.
Wiggle said it had seen 70m visits to its sites, and had shipped over 2m orders during the reporting period.
“Our reach is broadening as we localise our offer through localised web domains, translated content, simplified local payment methods and faster delivery times,” chairman Andy Bond said. “However, during the year, growth in Japan slowed significantly as the impact of the depreciation of the yen was felt.”
Wiggle, founded in 1999, was bought by Bridgepoint for around £180m in 2011.