Thule AB reported that first half sales were up 29.3% to SEK 1,966 million ($259.4 mm) compared to SEK 1,520 million in 2005 ($213.9 mm). This is an increase of 13.4% once adjusted for currency and acquisition effects. Operating profit (EBITA) before one-off items was up 42% to SEK 274 million ($36.2 mm) compared to 2005 when the company reported EBITA of SEK 193 million ($27.2 mm), adjusted for currency and acquisition effects this was an increase of 13.6%.
Strong sales development in all divisions with the exception of Automotive Accessories – the Trailers division shows a 28% year-on-year growth
Thule completed the acquisitions of Pewag and Brink, Valley and SportRack Accessories announced during the first half. Completion expected during the third quarter of the year, pending European anti-trust approval. The company also completed the acquisition of Anhaenger-center.com, the German trailer rental company in May and consolidated into the Trailer division from 1 June 2006
Further investment into the brand includes consolidation of seven owned Swedish Thule horse trailer brands; grand opening of Thule flagship store in central Berlin
Anders Pettersson, Chief Executive of Thule AB, said,
“Thule has delivered strong sales and profit growth, ahead of expectations. Improved sales were assisted during the first half year by favourable winter weather and successful product launches in time for the summer season. Bike carriers such as the Thule EuroWay, Thule Xpress and Thule T2 are selling better than planned. The successful rebranding of the Swedish horse trailer programme into Thule has strengthened Thule’s market position in that segment. ”
“The most important highlights of the half were the acquisitions of Austrian snow chain manufacturer Pewag, the Dutch and US towing companies Brink and Valley Industries as well the Canadian car rack system supplier, SportRack Accessories. Conditional on antitrust approvals for the Brink and Pewag acquisitions, Thule remains on track to double in size, in line with the company’s growth strategy of becoming an SEK6 billion business by 2007”.
