Wiggle delivered a 23% pretax profit surge to £12.6m for the year to February 5 as the popularity of cycling boomed in the build up to the Tour de France and the Olympics.

The online bike and triathlon specialist generated soaring sales up 37% to £118.6m, documents filed at Companies House show.

Operating profit margin decreased 1.1% to 10.7% while shareholders received a dividend of £4m, down from last year’s £4.3m.

Wiggle was bought by private equity group Bridgepoint for £180m in December. The etailer plans to expand the company internationally and open its first stores.

Last month Retail Week revealed that Wiggle had appointed an advisory board of top retailing names to help develop the business, including Peter Williams, co-founder and chief executive of growing fashion retailer Jack Wills.