Rapha Announces Provisional Financial Results Following Exit of CEO Fran Millar

Premium cycling kit brand Rapha has announced its provisional financial results. The announcement coincided with the day it emerged that Chief Executive Officer Fran Millar had left the business.

The figures released by the company show a further reduction in turnover, dropping from £96 million in the 2024 financial year to £89 million in 2025. The latest performance indicates that the brand still has a long way to go to regain its financial stability.

Additionally, Rapha's Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) fell to a deficit of £5.6 million, which is £3 million less than last year. Despite these figures, the company asserted that the structures established by Millar during her two-year tenure are currently working.