Gifts Today magazine

Evans Cycles in profit as Cotswold Outdoor owner eyes retailer

Evans Cycles is in pre-tax profit as the sale of the business enters its final stages, reports Retail Week.

The cycling specialist posted a pre-tax profit on ordinary activities before taxation of £2m for the year ending 1 November, compared with a loss of £98,000 in the previous year.

Sales increased by 11.9% to £127.7m. EBITDA excluding exceptional expenses, the growth measurement favoured by the retailer, increased by 33% during the period from £5.6m to £7.5m.

Evans Cycles marketing director James Backhouse said the surge in sales was thanks to the rise of multichannel retailing and the opening of new stores is having a halo effect on online sales.

Backhouse said: “We notice that not only do we get the sales from the new store but we are having more online sales from the local area as well so it is a real virtuous circle.”

The swing to a pre-tax profit came in the midst of the sale of the retailer.

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