Evans Cycles posted a slump in its preliminary profits, which new boss Andy King attributed to ongoing adverse market conditions.

The cycling specialist reported a 58% fall in EBITDA to £2m in the 12 months to October 31, 2016, although turnover increased 1.9% to £135.8m.

The retailer opened three new stores during the period, taking its overall bricks-and-mortar estate to 60 outlets.

Evans Cycles’ latest full-year results cover a period before chief executive King was wheeled in to lead the business in November last year.

The retailer’s former boss Nick Wilkinson left the business after five years at the helm following a slump in profits last September.

Speaking to Retail Week about the cycling specialist’s results, new boss King said: “They are not good numbers but it’s history now.

“There have been a number of adverse conditions in the market in recent years such as oversupply, poor weather and roadworks in London, but now there are some really positive elements that will help the overall market grow but also help us grow ahead of that market.”

King flagged that over the past seven months, the cycling specialist has recorded consecutive double-digit like-for-like sales growth as well as improved gross margin and gross profits.

Evans Cycles, which is majority-owned by private-equity group ECI Partners, has opened a new store in Havant in the period following its full-year results and plans to open two more shops in the current financial period.