Triumph making record profits By Ben Purvis
John Bloor spent many years and an untold amount of money reviving the Triumph brand after he bought its mortal remains in 1983, but it's repaying him handsomely now, with the latest company accounts showing huge profits.
Triumph didn't break even until 2000, but new records filed in the UK show that Bloor Investments (the parent to both Triumph and his house building company, Bloor Homes, which made John Bloor one of the UK's richest men), now makes a substantial amount from the motorcycle company.
In the year to 30th June 2022, Triumph made a pre-tax profit of nearly £94m, up from £50m in the preceding year, on a turnover of around £775m. In total, Bloor Investments' pre-tax profit was £426m, so the home building part of the company is still making the lion's share of its money, but Triumph is catching up.
The accounts note that Triumph is becoming a larger company, facing more imposing rivals than in the past, 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."
Other information in the accounts show that Triumph's R&D investment rose to £38m in 2022, up from £35m the previous year. That money will, in part, be going into the company's projects to develop electric bikes and a new range of motocross and enduro bikes that are due to be revealed in the near future.
The accounts say: "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 investment into 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."
