Pure Electric Revenue down 13% to £18.2m, Gross Profit up 5x
Full Breakdown of Pure Electric’s FY24 Performance: Revenue, Margins, Cashflow & What’s Next...
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Contents
About Pure Electric
2024 Financial Performance
Chart: Revenue vs Net Profit (2020 - 2024)
Revenue Breakdown by Geography
P&L Snapshot
Cost Structure
Chart: Physical Stores and Workforce (2020-2024)
Cash Position
Consolidated Balance Sheet
Conclusion
About Pure Electric
Pure Electric is a UK-based micromobility company established in 2018 by Adam Norris. The company focuses on creating its own range of premium e-scooters, emphasizing performance, safety, and durability. Pure Electric operates across multiple European markets, selling directly to consumers through its website and select retail partners. The company has sold over 295k units so far.
In 2023, Pure exited unprofitable business lines including pedal bikes, third-party scooter brands, and physical retail stores, refocusing entirely on high-margin, in-house electric scooters. The product line now includes the Pure Advance range, featuring a patented wide footplate design and innovative folding mechanisms. Pure’s current strategy centers on scaling this product internationally, with recent launches in Australia, China, the Nordics, and Italy.
2024 Financial Performance
In FY24 (ending 29 February 2024), Pure Electric generated £18.2m in revenue, down 13% from £20.8m in FY23. The drop was expected, driven by a strategic exit from low-margin bikes and retail stores. Despite the topline decline, gross profit improved nearly 5x, growing from £0.7m in FY23 to £3.9m in FY24. Gross margin also jumped from 3% to 21%.
