Brompton's profits down by more than 99% amid turmoil in the bicycle industry

The boss of Brompton Bicycle has predicted that 2025 will be another year of turmoil for the bike industry after profits at the British folding bicycle maker plunged by more than 99% amid a wave of discounting by rivals.

- Sarah Butler

Profits fell from £10.7m to £4,602 in the year to the end of March 2024 - less than the cost of Brompton's top-of-the-range T Line Explore bike - as riders sought cheaper options during a cost of living squeeze.

Sales at the Middlesex-based company - whose cheapest model costs almost £1,000 - fell 5.3% to £122.6m as it sold 8.2% fewer bikes, according to accounts filed at Companies House this week.

Will Butler-Adams, the managing director of Brompton, said the dive in profits was primarily down to selling fewer bikes than planned amid what he described as "a really sad state of affairs" in the global bicycle market. The sector is awash with overstocks worldwide after overestimating demand since the coronavirus pandemic.

"The industry is still in turmoil and will not get better this year. It will not be as bad as 2024 but there is still excess stock," Butler-Adams said.