Baltik Vairas sales and earnings rebound strongly in second quarter

Sales of Baltik Vairas, the largest bicycle manufacturer in Northern Europe, surged 93% year-on-year in the three months ended 28 February to EUR 14.369 million. EBITDA grew nearly tenfold to EUR 0.848 million in the fiscal second quarter, from EUR 0.088 million in the same period last year. The company manufactured and sold 78,000 bicycles and e-bikes in the quarter, or 95% more than a year earlier.

“Considering the company is still going through a substantial structural and management transformation, this is a rather encouraging result. It’s the result that we’ve been anticipating and brings us back to a normally functioning business process cycle. I believe the company’s current rebound is a direct result of the optimization of operations, the smooth reorganization of our management team, the mutual trust of our partners, and the talent of our employees,” said Peter Jensby, CEO of Baltik Vairas.

Baltik Vairas sees good prospects for boosting sales further and capitalizing on the growing demand for technically complex e-bikes as well as premium-class bicycles.

“The trend in our export markets is rather clear – sales of e-bikes and premium-class bicycles show encouraging growth. We’re now entering the high season for cycling and I’m positive about third quarter results in this particular segment. This is the opportunity our company’s been striving towards with the organizational and managerial changes,” the CEO added.

Baltik Vairas reported sales of EUR 49.1 million for the 2013-2014 financial year. The company produced and sold approximately 300,000 bicycles during the year ended 31 August.

For more information:

Peter Ferlev Jensby, CEO, email: [email protected], +370 657 62777

Daiva Povilaitė, Strategic Project, HR & Communications Manager, email: [email protected], +370 657 77962

Baltik Vairas UAB is Northern Europe’s largest manufacturer of bicycles and e-bikes. Established in 1948 and based in Šiauliai, Lithuania, today the company exports top-quality bicycles all throughout Europe. Capacity to deliver up to 500,000 bicycles annually includes six production lines and 1700 different models. Bicycles are exported to 14 countries, including Germany, the Netherlands, Denmark, Switzerland, Austria and Finland. The company’s factory has 320 permanent employees, though total staff exceeds 600 during the peak season. For more information, please visit www.baltikvairas.com.