HEERENVEEN, Netherlands (BRAIN)—Good weather and an improved product mix came together through the first half of the year to boost Accell Group’s first-half 2007 profits by more than 50 percent compared with the first six months of last year, the company announced in a mid-year filing.
Net profit from ordinary operations for the first half of 2007 hit 16.1 million euros ($21.6 million at current exchange rates), a 52 percent increase. Revenues went up by 14 percent to $275 million euros ($369 million).
“The good spring weather in Europe and the ensuing increase in bicycle sales meant we booked excellent results in the 1st half of 2007. I am particularly pleased with the 20 percent growth in sales in Germany. Our conscious decision to hold higher stock levels also meant we were able to respond to the increased demand for bicycles early in the year. Our prospects for the remainder of the year remain positive,” said René Takens, chief executive officer and chairman of the Accell Group’s board.
The company calculates that 2007’s full-year profits will be up by about 35 percent over last year’s, Takens said. —John Crenshaw