The value of 99 Bikes-owner Pedal Group has almost halved since the peak of cycling mania during the coronavirus pandemic, as an oversupply of bicycles bites.

Brisbane-based Pedal Group also posted a loss in the 2023 financial year of $12.4 million. It had been minting profit in the previous two years as pandemic lockdown orders triggered massive demand for everything from e-bikes to children’s cycles.