Shimano has posted its 2009 performance figures, which reveal a large slump in both sales and net income.
Sales declined to 186.7 billion Yen in 2009, down 21 percent from sales of 235.14 billion Yen in 2008. Furthermore, the figures are down on 2007's 211.77 billion Yen.
Also hit particulalry hard was the firm’s net income, which dived 62 percent to 9.55 billion Yen.
The recession has been singled out as the primary cause for the slump, with attention placed on the Japanese economy's shaky conditions.
Bicycle division sales dropped 22 per cent and were valued at 144.69 billion Yen. Fishing equipment, although still posting a year-on-year decline, dropped by a less dramatic figure, posting just a 12 per cent sales slip.
2010's outlook focuses on recovery, with economic stimulus packages cited as one reason performance should pick up slightly. Shimano also believes that repair and upgrade sales are anticipated to pick up as bicycle use continues to grow.
Shimano has estimated first half sales will grow by up to eight per cent in the first six months of 2010. Whole year forecasts are currently are currently place just below 2007's sales figures.