For the first nine months of 2006, Thule reported a 25.7% increase in sales to SEK2,998 million ($401.8 mm) from SEK2,384 million ($327.5 mm) last year. When adjusted for the effects of currency changes and acquisitions, sales grew 9.5% for the period. Operating profit before one-off items increased 33% to SEK 415 million ($55.6 mm) from SEK 313 million ($43.0 mm) last year. Adjusting that line for currency and acquisition effects, still nets the company an increase of 10.5%.
During the period, Thule received approval from EU anti trust authorities for the acquisition of Brink International, SportRack Accessories, and Valley Industries. The companies were consolidated into the Thule Group from September 6th 2006. The company expects a decision on its pending acquisition of the Austrian company Pewag Schneeketten at some point during the fourth quarter.
Anders Pettersson, Chief Executive of Thule AB, commented:
“The very strong sales development during the fisrt half year slowed down during August mainly as result of bad weather conditions in European core markets. Thule's organic sales growth after the main season amounts to close to ten percent, proving the sustainability of the Thule business model despite tough market conditions.
“During September we established two new business divisions for the acquired Towing Systems operations in Europe and North America. SportRack Accessories, the Canadian car rack systems supplier, has been integrated into our North American car rack systems operations. We installed new division management for Towing Systems North American with the objective to improve earnings into double digit figures going forward”.
