Triumph profits soar in 2022

The latest set of accounts from Bloor Investments – parent company to Triumph – reveals that Britain’s biggest bike maker is growing fast with profits that now make up a large proportion of the entire Bloor empire’s income.

House building magnate John Bloor bought up the rights to the Triumph name when the previous iteration of the company went into receivership in 1983 and spent decades pouring money into rebuilding the brand. The first Hinckley Triumph’s hit the market in 1991 and the firm first broke even in 2000, but it’s now become a source of huge profits.

In the year to 30^th June 2022, covered by the latest accounts, Triumph’s turnover was just under £775 million, up from £613 million in 2021, and pre-tax profits rose from £50 million in 2021 to nearly £94 million.

Overall, Bloor Investments saw pre-tax profits of £426 million in 2022, up from £329 million in 2021, so Triumph has become a major contributor to the overall group’s finances.

The report says that this growth puts Triumph in a position to compete with bigger rivals, saying: “The business is achieving an appropriate scale in terms of manufacturing volume capability allowing it to compete on an even footing with competition of greater scale and ownership leverage. The business continues to get feedback from customers in order to improve model variants, bike specification and maintain the premium brand that is recognised in Triumph.”

The report also shows that investment in research and development has increased to £38 million, up from £35 million in the previous year. Remember that the company is working on a range of off-road machines to compete in international motocross and enduro racing as well as putting money into the TE-1 electric bike and the usual business of updating its existing machines and developing new models.

Looking to the future, the report says: “Trading conditions for the motorcycle industry are expected to remain challenging with global economic uncertainty and the continued constraints of consumer credit lending and individual spending. The Company is focused on the investment in a range of new products which are to be sold into various new geographic markets in the future. New and improved motorcycle models have already been scheduled for launch. The Asian markets provide an exciting new prospect for the product range for future expansion.”

Although Bloor’s house building empire still counts for the largest proportion of the group’s turnover and profit, the report shows that Triumph accounts for the greatest number of employees – with 2166 people involved in motorcycle design, engineering, manufacturing and sales, up from 2048 in 2021, compared to 1184 employed in house building.

The document also reveals that Bloor paid £2,659,000 to buy 100% of kids’ bike maker OSET last year, and that the group made charitable donations of £8,652,000 in 2022, up from £4,766,000 in 2021. It also made political donations of £36,500 to the Taxpayers Alliance but didn’t repeat the £150,000 donation to the Conservative Party that it made the previous year.