I think your employer should have actually made (saved) considerably more, my figures worked out:
The bike costs £999.00 from the shop, after the things that can be claimed back (VAT, Capital Allowance, etc) the bike actually only costs <the company> = (less than) £450.23
Hiring it to me for £16.35 per week brings in £850.20 in 52 weeks
Thus meaning that <the company> make a profit of about £399.00 (probably more if you include the reduction in SC1 NIC payments) on the hire of the bike 52 weeks!
But as its salary sacrifice so there’s savings on Tax & NI (as <your company> do) so the “end of the day, wallet impact” price I pay for the bike is only: £643.28 (not to mention the savings on fuel). All in all you get a bike worth a grand for about £650.00 and <the company> make a tidy £400.00 in the process!
..my guess is that the companies that run the schemes for companys claim back the depreciation of their “assets” as well, but thats just guess work really! (I ran the scheme with no third party company involved, help came from Red Planet Bikes in Swindon in the shape of form templates)