Losses continued to widen at Norton Motorcycles in the fourth year since being rescued out of administration.
The iconic brand has posted pre-tax losses of £38.2m for the year to March 31, 2024, having also lost £29.6m in the prior 12 months.
Solihull-headquartered Norton Motorcycles was acquired by TVS Motor Company in April 2020 for a reported £16m after having collapsed into administration a few months earlier.
Norton Motorcycles also lost £14.8m in the year to March 2022 and £10.2m in 2021.
The newly-filed accounts with Companies House also show that its turnover rose from £370,353 to £3.9m.
Norton Motorcycles creating jobs as it eyes international expansion
A statement signed off by the board said: “The company has finalised its product plan for the medium term with a series of new products to be launched in the coming years to cater to different segments of the premium motorcycle market in different geographies.
“Introduction of these new products with superior features and cutting-edge technologies in a timely manner is key to success of the business.
“Realising this need, the company has been focusing on recruiting and filling up key positions in design, engineering, quality procurement and other allied functions with requisite skills and knowledge.
“The company will also be leveraging its parent, TVS Motors India’s engineering and development capabilities to ensure high quality products are launched in a timely manner.”
Norton Motorcycles added that it plans to expand to Europe, US, Asia and Australia in the next couple of years.
During the year the average number of people employed by the company increased from 201 to 236.
Pension scandal
The accounts come after the Fraud Compensation Fund paid £9.4m to the three retirement schemes that collapsed during the Norton Motorcycles pension scandal.
The payments were made more than a decade after victims had looked to have lost their life savings.
More than 200 people who fell victim to “a pensions liberation fraud” during 2012 and 2013, when they were tricked into allowing about £11.5m to be transferred out of their existing retirement plans.
The majority of those funds were transferred into three Norton pension schemes and then disappeared after being invested directly into the business.