Accell Group Reports 9 Percent Sales Increase for First Half

The sales increase was due to both organic growth and acquisitions. Total turnover from the bicycle business rose by 10% and the sales of bicycle parts and accessories was up 14%. The bicycle season began early in many countries but slowed down in June due to reduced consumer spending. 

 

Accell Group affirmed its forecast of higher sales and operating results (excluding one-off gains and charges, such as the additional restructuring costs of the fitness activities) in the second half of 2011 compared with the second half of 2010. Taking this into account, Accell Group reiterates its forecast for the full-year 2011 of a further rise in turnover and result, barring economic developments and unforeseen circumstances.

 

The integration of Accell Bisiklet in Turkey and Atala (50% stake) in Italy is progressing well, the company said. In June, Accell Group acquired Vartex, a smaller distributor of bicycles and bicycle parts and accessories in Sweden. The turnover from the fitness business, which Accell has streamlined in recent years,  decreased in the first half due to changes in the distribution structures and lower sales. The gross margin was good at all product groups.

 

We will continue to actively seek acquisition candidates during the reminder of the year, said René Takens, Chairman of the Executive Board of Accell Group. With our yearly new collection and again many innovations, we expect to book a further increase in operating results in the second half of 2011.

 

                  Turnover breakdown
                               (amounts x € million)
Geographically                         Per product group
The Netherlands 138 (-/-2 %)    Bicycles 290 (+10%)
Germany 104 (+17%)                 Parts & accessories 73 (+14%)
France 30 (+8 %)                       Fitness 10 (-/-33%)
Rest of Europe 69 (+10%)
Outside Europe 32 (+47%)

Total 373                                             Total 373