Wiggle claims greater share of UK bike market

Online cycle and triathlon retailer Wiggle saw sales rise a whopping 26 per cent in the UK, with the firm claiming it has taken market share.

In Wiggle’s financials (year ended Feb 1st 2015) it was revealed that Europe sales were up significantly too, by 20 per cent. In contrast, rest of world sales were down 13.1 per cent.

Overall sales were at £179m, up 11.5 per cent. Underlying EBITDA was up 16.7 per cent to £7m (£6m in FY14), while reported EBITDA of £7m was "held back by currency headwinds".

Wiggle said that trading momentum has continued through the first eight months of the current financial year.

“Wiggle’s total and relentless focus on customer satisfaction continues to underpin our above market growth rates," said Wiggle CEO Stefan Barden. "We are also working hard to be our branded suppliers’ preferred on-line partner. We continue to invest in the business, driving down costs through investment in our new warehouse and also by simplifying our business, reducing the work we do and automating wherever possible. We have many growth opportunities ahead and remain confident in the future performance of the company.”

The reported period saw Wiggle appoint Giles David as finance director (in May 2014) and since February it has recruited senior personnel and completed its move to a huge new warehouse in the Midlands.

Wiggle has recently moved into services with ‘Wiggle Legal’ and ‘Wiggle Insurance’, but Homebase put a spanner in the works of the the service centre concession stand programme.