Raleigh Cycle Limited announced that its financial results for the year ended September 2004 show a significant turnaround in performance.  Revenues grew 10% from $259 million in 2003 to $285 million in 2004. 7.3% increase in cycle units sold. The company reported that EBITDA grew 176% from $3.8 million in 2003 to $10.5 million in 2004 from both revenue and margin growth and reduced expenses.

The majority of the increase in profitability came from turning the UK operations around into profit, and from significantly improved results in Canada and Germany. Raleigh also reported a “strong balance sheet” with net liquid funds. Consolidated total assets were $126 million-including $22 million in cash while consolidated total liabilities were $75 million-including $17 million of total debt.

Raleigh Cycle Limited’s CEO Alan Finden-Crofts said “We are pleased with the performance of the company in 2004 and believe the figures validate the faith placed in the business by the management team when we secured the management buyout in 2001. The strength of Raleigh Cycle’s distribution chain, brands, products and purchasing power are now adding the value needed in a mature business.”