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Accell Group Posts 15 Percent Profit

Published July 22, 2009

HEERENVEEN, The Netherlands (BRAIN)—Accell Group reported a 15-percent jump in profit for the first half of 2009, as demand for electric bikes boosted the Dutch company.

Accell Group posted net profit of 22.1 million euros through June, compared with 19.3 million euros during the same period of 2008, according to a half-year earnings report released on Wednesday.

Sales were up 9 percent, to 333 million euros. Most of the growth was organic, however, Accell attributed about 2 percent to the acquisition of Ghost in the first quarter of 2008.

“We are continuing to benefit from the sustained awareness among consumers of the environment, mobility, health and active leisure time. This means that also in the coming years, cycling will increase in popularity,” said René Takens, chairman of the executive board of Accell Group. “Consumer interest in our products remains high, especially for the electric and sports bicycles and the bicycles for special target groups in the middle and higher segments of the market.”

Takens added that he expects to end the year with an increase of net profit around 10 percent.

The recent acquisition of Finnish brand Hellberg did not impact Accell’s half-year results.

For a more detailed look at Accell Group’s six-month earnings, including figures specific to the bicycle division, read the August 15 issue of Bicycle Retailer & Industry News.

—Nicole Formosa

Topics associated with this article: Earnings/Financial Reports

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