Online bikes retailer Wiggle is aiming to double its turnover within the next two to three years and is not ruling out opening shops.

Wiggle, which notched up a £33.2m turnover in the year to the end of January and pre-tax profits of £2.6m, ships to 89 countries.

Chief executive Humphrey Cobbold said bikes retailers have enjoyed “good times” and been able to buck the trend of falling sales in recession.

He said: “We’ve continued to grow this year and overseas sales are robust. We have no fixed plans around opening any stores, but if our customers want them then we’ll look very hard at it.” He added that he is concentrating on “building a strong brand in key markets”.