Online cycle trader Wiggle has reported a 20.8 per cent growth in turnover in its latest financials, to £140.8million in the year up to February 2nd 2013 (£116.5m in the previous year).
Cash margin increased by over 15 per cent. EBITDA (earnings before Taxes, depreciation and amortisation) rose more modestly, up 2.1 per cent – from £13.7m to £14m, like-for-like.
Over the twelve months, Wiggle received over 70 million shopper visits to its site, dispatched over two million orders and sent out around 150 million email communications to customers.
“2012 was a good year for Wiggle," said chairman Andy Bond. "We increased our turnover by over 20 per cent, increased cash margin by over 15 per cent and continued to invest in the build-out of our international operations.
“In the UK, our most developed market, revenues grew by over 20 per cent, allowing us to maintain our position as the leading internet cycle and triathlon retailer in the country. This was achieved by investing in our range, improving our website and enhancing distribution, IT and marketing.
“Internationally, the business grew by just under 20 per cent in 2012. Key markets for growth remain Europe, Australasia and the Far East. Our reach is broadening as we localise our offer through localised web domains, translated content, simplified local payment methods and faster delivery times. However, during the year, growth in Japan slowed significantly as the impact of the depreciation of the Yen was felt,” he added.
Wiggle said it is seeking new ways to grow further and to re-invest in the industry. The company has, in the last 12 months, organised or sponsored 96 worldwide cycling and triathlon events, nearly two a week on average. In 2013, Wiggle became the title sponsor of UCI ladies professional cycling team, Wiggle Honda.
The online cycle market is one which Halfords is attempting to grow market share.