Revenue has grown but profits have decreased for online bike retail goliath Chain Reaction Cycles (CRC).
Investment in expansion is thought to be the reason for the pre-tax profit reduction – down 91 per cent from £10 million in 2011 to £861,000 in 2012.
It was a markedly different story for revenue, which jumped up 14 per cent from £136.4m in 2011 to £155.6 million.
CRC's wage bill grew in 2012 with a significant rise in employees – up to 614 from 465 (365 in 2010). Reports indicate CRC's overdraft and liabilities also grew in 2012. Gross margins were maintained at 32 per cent.