Bikes etailer Wiggle has revealed that profits surged 59% to £7.1m in the year to January 31.
Sales rocketed 67% to £55.6m.
The strong figures, filed with Companies House, come shortly after Wiggle appointed former Asda chief executive Andy Bond as a non-executive director in August, as revealed by Retail Week.
The appointment fuelled speculation that the retailer’s owner private equity firm Isis was looking to sell the business, but this has been denied by the retailer.
The retailer, which makes the majority of its sales come from accessories and bike parts, said the performance exceeded expectations.
Cobbald said the retailer is gunning for more growth this year, aiming to generate a further £25m this year, according to the Daily Telegraph.
In an interview with Retail Week last year chief executive Humphrey Cobbold has said that the business would consider opening stores, although there are still no concrete plans at present.
No comments yet