The world's biggest bicycle component manufacturer, Shimano, has released its financial figures for 2023, detailing ‘extraordinary losses’ relating to the high profile worldwide crankset recall of ¥2,762 million, roughly equivalent to $18.5 million, or £14.5 million. This follows the financial report for the first half of 2023, which detailed a 40% drop in profit for the Japanese giant.
While the crankset recall has been costly, it is worth noting that the company as a whole still reported a net profit of ¥61,142 million ($406 million, or £322 million). This therefore makes the crankset recall responsible for 22% reduction in the company’s profits vs the total without the cost of the recall. The total drop in net profit versus the previous year is 55%.
