Thule reported sales increased during the first half year of 2005 by 5.5% to SEK 1,520 million ($214 million) from SEK 1,441 million ($193.1 million), adjusted for currency effects an increase of 6.7%. Operating profit (EBITA) before one-off items increased by 1.6% to SEK 193 million ($27.2 million) from SEK 190 million ($25.5 million).
Also during the first half, Thule acquired Swedish horsetrailer manufacturer, Star Industrier, continuing its plan of consolidating the market.
Comparing the second quarter of 2005 with the first, Thule saw sales recover in key European markets and good growth in both boxes and rearmount bike carriers. Sales rose by 10.0% from SEK 792 million ($114.6 million) during Q1 to SEK 871 million ($119.4 million). Also during the second quarter, Thule concluded negotiations with unions regarding redundancies in connection with the manufacturing efficiency program at the Swedish site in Hillerstorp and acquired Omnistor Accessories NV, Belgium, the leading European supplier of accessories for Recreational vehicles in June.
“We were affected by the prolonged winter season during the first quarter but confident to catch up during the second quarter. The sales development especially in Central Europe, UK and France lived up to those expectations and all other key markets performed in line
with expectations. June saw record high sales for our European/Asian division”, commented CEO Anders Pettersson. “We have been able to respond to consumers' needs for new products which are driving our sales. New bike carriers like the Thule Euroway or the kayak lift aid
Thule Hullavator are crucial in our continuous effort to maintain our leadership position”, Anders Pettersson continued. “Both acquisitions during the period are a further natural step in our 'buy and build' growth strategy. Omnistor especially serves like Thule the end
consumer group of active families offering products such as e.g. awnings, safari rooms, bike carriers and rooftop boxes”, Anders Pettersson concluded.
