Sales at Accell Group N.V. rose 9 percent in the first half of the year to €373 million ($480 mm), including a six point boost from its February acquisition of Turkish affiliate Accell Bisiklet, which has boosted Accells business in Turkey, Finland and Italy.
Net profit rose by 13% to €27.3 million ($38 mm) from €24.1 million in the same period last year.
Global sales of bicycles and bicycle parts and accessories rose 11 percent to €363.1 million. Electric bikes sales rose by 26%, while sales of sports bikes were up 14% and sales of traditional bicycles fell 3%. On an organic basis, sales of bikes fell 3 percent, while sales of bicycle parts and accessories rose 14 percent.
Sales declined 2 percent in Accells home market of the Netherlands, but rose 17 percent in Germany on a 50 percent surge in e-bike sales. Sales rose 8 percent in France, 10 percent in the rest of Europe and 47 percent outside Europe.
Accell said the bicycle season began early in many countries, but slowed down in June due to reduced consumer spending. Fitness sales plunged by a third to €10 million reflecting the companys decision last year to hand over distribution in Germany and the U.K. to third-party distributors and withdraw from the North American market.
Still, Accell reiterated its forecast for higher sales and profits for the full-year, barring unforeseen economic developments and circumstances.
René Takens, Chairman of the Executive Board of Accell Group, said the company will continue to actively seek acquisition candidates during the reminder of the year.
At Seattle Bike Supply (SBS), which is Accells sole North American business, wholesale sales fell slightly as a decline in sales of bikes, more than offset growing parts sales. Due to exchange rates, however, results fell by about €1 million. SBS sells Adams, Lapierre, Redline, Torker and Wethepeople bikes and a wide selection of third-party bike parts and accessories.
