Profit has stalled at iconic motorcycle brand Triumph as an economic downturn in China and a fall in the value of sterling impacted its sales.

The Derbyshire-headquartered business, which is owned by billionaire John Bloor, has reported a pre-tax profit of £72.6m for the year to 30 June, 2024, up slightly from the £72.3m it achieved in the prior 12 months.

Newly-filed accounts with Companies House have also revealed that the firm’s turnover fell from £703.2m to £682.8m over the same period.

Bloor, who established Triumph in the 1980s when the original company which could trace its roots back to 1902 went into receivership, is also behind Bloor Homes.

In the UK, the company’s turnover increased from £83.9m to £87m and from £288.6m to £304.4m in the rest of Europe.

However, its sales in the rest of the world dipped from £330.6m to £301.3m.

In the year, Triumph wholesaled 108,436 motorcycles, up from 88,607.

Triumph: ‘Trading conditions will remain challenging’

A statement signed off by the board said: “The company continues to perform well despite the recent challenges of the global economic uncertainty, a war taking place on our continent, increased competition and various supply chain issues which is impacting the entire automotive industry.