In the first half of 2009, Accell Group once again booked higher revenues and profit. This increase was largely due to healthy sales of bicycles in the middle and higher segments, such as electric, sports bicycles and bicycles for special target groups. In total, revenues were up 9% to 333 million ($467.8 mm), primarily driven by the growing demand for electric bicycles and an increase in sales in Germany. Organic revenue growth was just over 7% compared with 6% in the first half of 2008. Net profit was up 15% to 22.1 million ($31.1 mm), from 19.3 million ($27.1 mm) in the first half of 2008, largely because of a further improved product mix.
Revenue in the bicycles and bicycle parts & accessories segment in the first half of 2009 rose by 12% to 321.4 million ($451.5 mm), from 288.2 million ($404.9 mm) in H1 2008. The number of bicycles sold increased slightly to 579,000, up from 573,000 in the same period of 2008. The change in the sales mix meant the average price increased to 455 ($639), from 413 ($580) in the first half of 2008. The sale of electric bicycles had a particularly significant impact on that figure.
Due to the deterioration in economic conditions, revenue in the fitness segment in the past six months fell to 11.6 million ($16.3 mm), from 17.7 million ($24.9 mm) in the first half of 2008. The drop in revenue was partly the result of the loss of a number of international distributors who were no longer able to finance their purchasing in the current financial situation and for whom Accell Group also did not wish to increase credit limits.
