Evans Cycles profits dipped in its last financial year, despite a sales rise, as it invested in expansion.

The cycle specialist’s profits fell to £648,000 from £3.6m in its year to October 31, 2010 despite a sales rise of £11m to £84m.

Profits dropped as the bike store invested in both its online site and in high street openings according to The Mail on Sunday. Evans opened five stores during the year bringing its total to 43.