Everything is still going well for the Swedish-based Thule Group. In an interim report, it said that its sales for the first quarter soared by 45.5 percent from the year-ago quarter to 2,538 million Swedish kronor (€250.7m-$301.6m) ,or by 56.0 percent in constant currencies. Net income jumped to SEK 447 million (€44.2m-$53.1m) from SEK 241 million, while the operating margin (Ebit) expanded by 4.7 percentage points to 23.4 percent.
The company said it achieved these good results by riding the strong global bike trend that started in June last year. Its confimed performance has led the board of directors to set new long-term targets for the company. It is now aiming for doubling sales by 2030 while maintaining the Ebit margin above 20 percent. It has also set “ambitious” Science Based Targets for substantial reductions in greenhouse gas emissions by the same year.
The management said that the new sustainability targets have a focus on fulfilling the Paris Agreement’s ambition not to increase the earth’s average temperature by more than 1.5 °C. They include a 46 percent reduction, in absolute numbers, of greenhouse gases from its production sites, compared with the base year 2019, as well as reaching 100 percent renewable electricity at its own manufacturing sites and offices.
In addition, the group is targeting a 28 percent reduction in greenhouse gases related to purchased materials and upstream and downstream logistics, compared with 2019.