Cervélo and Cannondale owner Pon.Bike's turnover hits £2 billion, doubling from 2022

Dutch company Pon.Bike, the owners of Cervélo and Cannondale, has reported a turnover of €2.4 billion (£2.1 billion) in 2022, almost double its 2021 sales of €1.3 billion.

The brand is a cluster within the larger Dutch transport conglomerate Pon Holdings, who declared sales exceeding €10 billion. The company acquired Dorel Sports in early 2022, which meant adding the likes of Cannondale and Mongoose to its portfolio.

It already owned Focus, Gazelle, Kalkhoff and Cervélo, but it was the acquisition of Dorel which meant its results doubled for its 2022 report. As many of 75% of Dutch people own a Pon-made bike.

Pon.Bike has also taken advantage of the e-bike market, and the Dutch company has starter work on a factory in Lithuania, where around 500,000 e-bikes and other bicycles will be produced every year.

It also owns Caloi, Derby Cycle, GT, IronHorse, Santa Cruz, Veloretti and Schwinn.

"The demand for environmentally friendly and sustainable mobility is high, and this is exactly where we are leading," Pon Holdings CEO Janus Smalbraak told Bike Europe. "Also, the integration of Dorel Sports with Pon.Bike is taking place at a rapid pace, making us a global player in top bicycle brands and e-bikes.”

“The hefty investments in cycling infrastructure, particularly in Europe and the US, will continue to give the sale of e-bikes in particular extra support. The economy knows too headwinds in 2023, especially in Europe and the US. 

"Economic slowdown will also affect us, as well as the still faltering delivery of parts here and there. At the same time, we have started the year with full order books for our automotive, bike and equipment & power divisions.”

Last month Giant announced a 12.5% jump in revenue for 2022, saying that the demand for high-end bikes remains strong. 

Also in February, Japanese component manufacturer Shimano recorded its highest annual sales in 2022, the company’s Q4 financial report has revealed. 

The report detailed a total net sales from its bicycle division of 517,436 million yen (£3.2 billion). This marks an increase of 16.6% on 2021, the previous record-breaking year. 

However, it has not all been good news in 2023, with the distributor Moore Large, and brands including Presca, Velovixen, Milltag, Machines for Freedom, and Kitsbow all announcing ends to their operations this year.