HEERENVEEN, Netherlands (BRAIN) — Accell Group N.V. is reporting a positive start to the year. In a press release issued Thursday, the Dutch parent of Raleigh, Currie Technologies, Seattle Bike Supply and an array of European bike brands including Atala, Batavus, Ghost, Haibike, Koga, Lapierre and Tunturi, said that revenue and operating profit was higher in the first months of the year.
The company attributed the positive results to good weather in Europe. It expected to share the good news at a general meeting of shareholders Thursday at its offices in Heerenveen.
"Revenues in most markets developed positively," said CEO René Takens. "Electrically assisted bikes continue to be popular and they are gaining popularity in countries where the market is still in its infancy, including the United States."
Accell said progress on the integration of its production facilities for Batavus and Sparta was on target. It also plans to automate its warehouse for spare parts deliveries in its Apeldoorn facility.
Working capital at its subsidiaries has been "considerably reduced" compared with the same period last year due to a reduction in inventories. And since the sale of its Hercules brand to Z.E.G. is complete, that reduced the amount of loans.
Accell Group is now part of the Midcap index of Euronext Amsterdam. The index comprises the 25 midsize companies listed on the Euronext Amsterdam stock exchange. The company has been listed on the Amsterdam stock exchange since 1998.
Last year, Accell Group reported revenue of 849 million euros ($1.2 billion).