Evans Cycles pre-tax profit rocketed last year as investment in stores and systems paid off.
The cycle retailer recorded pre-tax profit of £2.3m in the year to November 2013, up from £269,000 the previous year.
Evans Cycles generated an 8.7% jump in sales to £144m.
And EBITDA, the growth measurement used by the retailer, surged 47% to £5.7m against £3.9m the prior year.
Evans Cycles boss Nick Wilkinson said: “It was a good year. I always said we were investing for growth.”
Last year Evans Cycles launched a bike range with Olympic champion cyclist Chris Hoy – which it extended this year to kids bikes – and Wilkinson said the retailer invested in systems and people. It opened three new stores and closed one, bringing its store estate to 47.
Wilkinson revealed Evans Cycles is doubling the number of stores it opens each year to six, following the success of the new stores.
“Half of our stores are within the M25 and we want to be in all the big cities. We think there is good scope to open more shops but we don’t want to have too many,” he added.
Wilkinson said the retailer’s website is growing, as click-and-collect orders have doubled after the retailer advertised the service at the front of the website. Additionally, the number of customers shopping via mobile is growing, as they become more confident in the channel, Wilkinson said. It has also added alternative currencies to the website to help international customers shop the site.
With four months to go until the UK hosts the Tour de France, and the Commonwealth Games taking place in Scotland in July, Wilkinson said the “strong demand for cycling is persisting”.
He declined to give current trading figures but added: “We’re pretty positive about 2014.”