Planet X, a specialist designer and retailer of cycling products has filed its latest accounts, showing a significant improvement in profitability.
Following two years of restructuring, the company has reported a 64% year on year profit growth for the year ending March 2018, from £1.1m to £1.8m.
Turnover dipped from £20m to £15m due to a strategic focus on the most profitable areas of the business, and improving operational efficiencies to provide a solid platform for future growth.
In line with Planet X’s strategy, the management team has also invested in the Holdsworth brand and its re-launch and celebrated a major coup after competing in last month’s Tour de Yorkshire for its Holdsworth Pro Cycling team.
Founded by chief executive officer Dave Loughran in 2008, Planet X sells over 10,000 bicycle products worldwide and employs 60 staff. Dave has worked closely with Chairman Trevor Parker from strategy execution experts NorthCo Management to drive forward the business and further Planet X’s growth ambitions.
Operating from a warehouse and assembly facility on Aldwarke Wharf Business Park in Rotherham, Planet X is focused on reaching a wider consumer base online and on designing and developing further the core product range of innovative brands from its facility in Rotherham. Brand names include Planet X, On-One, and Jobsworth alongside iconic brands Holdsworth, Carnac and Viner to new and experienced cyclists.
Sales are predominantly online but Planet X also have a store and showroom located on Magna Way, Sheffield.
The growth of the business is further endorsed by the resurgence of the Holdsworth Pro Cycling team that has been re-launched thanks to Planet X’s investment and management of the team who have recently completed the Tour de Yorkshire. Holdsworth was led by former Team Sky rider Russ Downing and young Yorkshire rider Jake Womersley, of Mirfield and displayed an impressive debut in the race.
Dave Loughran, chief executive said: “Our strategy to focus upon great quality at sensible prices really resonates with an ever-savvy customer base. We are very excited with the growth opportunities of the business as we resurrect some iconic cycling brands”.
Trevor Parker, chairman added: “Planet X’s profit margins are a real indicator of how the business has responded to our operational restructuring programme. Our focus has been on simplifying Plant X’s business model in order to create a robust direct to consumer distribution platform, placing Planet X in prime position to take advantage of market opportunities as they arise.”
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