Sales of electric bikes stem losses at Evans Cycles

Bumper sales of e-bikes are helping Evans Cycles to ride out an otherwise depressed market. The latest filed accounts for the company reveal that full-year pre-tax losses have been reduced from £5.8 million to £2.5 million in the 12 months to October 28th.

The store group reported sales of £138.8 million. 

A company statement said that Evans had improved "profitability year on year despite broader market headwinds."

The statement continued: “The directors remain confident about the medium and long-term prospects for the UK cycling market, noting that UK adult cycling participation is significantly below European averages, especially in cities, while new products such as e-bikes continue to expand the addressable market and the government continues to invest in improving national cycling infrastructure.”