[i]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.[/i]
[url= http://www.bikebiz.com/news/read/chain-reaction-cycles-profits-down-91/015643 ]http://www.bikebiz.com/news/read/chain-reaction-cycles-profits-down-91/015643[/url]
I bet their turnover isn't so good since the new website launched.
their, you bet me to it!
614 employees is pretty big, but its hardly Amazon.
Mind you I bet they pay tax.
Too slow.
I started with [i]I bet they're not as big now[/i] in my head and it all went wrong.
I feel great shame 😥
Anyone know the equivalent numbers for Wiggle?
I sure I read somewhere they are a reasonable percentage of the Northern Ireland economy.
Wiggle;
[i]
Online cycle trader Wiggle has reported a 20.8 per cent growth in turnover in its latest financials, to £140.8million in the year up to February 2nd 2013 (£116.5m in the previous year).[/i]
[url= http://www.bikebiz.com/news/read/wiggle-reports-20-turnover-increase/015041 ]http://www.bikebiz.com/news/read/wiggle-reports-20-turnover-increase/015041[/url]
No surprises here except that there profits are so low. 32% on £155m and 600 employee, yet they have made virtually no profit this year. Looks like they should have been reinvesting earlier. Not good. 600 employees isn't bad for £155m turnover.
I'd like to see rosebikes dint in that.
zee Germans are coming
Sam hills pay cheque has something to do with it.....
Mind you I bet they pay tax.
I cant find it now but there was an article about this in the Irish Times, apparently their Southern Irish subsidiary is doing very well. Bit like Google really.
[i]a clusterf--k of a new website which is thought to be the reason for the pre-tax profit reduction[/i]
FTFY 🙂 (and yes I know the figures pre-date the new site)
They might get more orders from me if they stop emailing duff voucher codes 🙁
[quote=richmtb ]
Mind you I bet they pay tax.
Aye - they might even have paid back the regional development grant(s).
They have an actual shop in Belfast, I saw it but I didn't get time to go in, could be the perfect LBS....