Rapha has reported an eighth consecutive year of losses and falling sales, as the cycling brand lays out a plan to sell less on discount and focus on a tighter product range under new chief executive Fran Millar. The brand's latest financials revealed that in 2024, its turnover slipped to £96 million (US$129 million), down 13% from £110 million the year before. The company said the drop was expected, with much of it being an "accounting adjustment" that does not reflect current performance or impact its cash flow.
"In FY24, negative EBITDA of £-2.6 million and revenue contracting to £96 million reflect our deliberate strategic choices," CFO Michelle Woolaghan said in a press release announcing the results. "We've prioritised quality of earnings over volume, reduced discounting, and increased full-price sales mix – all fundamental to future sustainable profitability. Our customers will start to see the benefit of our investments from now on."
Rapha's overall earnings fell into the red, too, with EBITDA (earnings before interest, taxes, depreciation, and amortisation) dropping from a £0.9 million profit to the above-mentioned £2.6 million loss. While operating losses narrowed to £17.2 million, net loss was slightly lower than the previous year, but still stood at £15.6 million.
Wade Wallace
Fran Millar, who became Rapha CEO in September 2024, said the accounts "lag behind the huge amount of great work that is already being done to turn this business around.
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