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Accell forecasts shift in sales volume to second half of '21

Published March 5, 2021
The Dutch company saw a sales increase of 17% last year.

HEERENVEEN, Netherlands (BRAIN) — Accell Group NV announced Friday that its 2020 sales were up 17% over the year before, thanks to a fast recovery following the European COVID-19 lockdowns early last year.

Accell owns bike brands including Haibike, Winora, Ghost, Batavus, Koga, Lapierre, Raleigh, Sparta, Babboe and Carqon. It also owns the XLC P&A brand.

The company said that it expects to meet its 2021 targets, which it did not detail in a press statement on the quarterly financials. But it said component shortages could shift those sales toward the second half of the year.

"The outlook for our bicycle and parts & accessories business is very positive, we therefore remain confident that we are well on track to deliver our 2022 targets. In the short term, it still remains uncertain what the effects of the pandemic (for example new virus variants) will be on our facilities, shop openings and consumer behaviour. While customer orders continued to be strong in 2021, the increase in lead times and delayed deliveries from component suppliers, combined with logistical disruptions (which impact the entire bike industry), will drive a shift in the primary sales season (volume) to the second half of 2021, as it did in 2020."

Accell planned an analyst meeting for later Friday and will release its full annual report on Tuesday.

A media release Friday said Accell's 2020 net sales were 1.3 billion euros ($1.5 billion), a 17% increase over 2019. Net profit was 64.8 million euros, up from just 2.8 million euros in 2019.

EBIT was up to 74.7 million euros, from 60 million euros the prior year, and basic earnings per share were 2.42 euros, up from 2.22 the year prior.

Regionally, sales in the Benelux countries was up 18.1%, while sales in Central Europe (Germany, Switzerland and Austria) were down 0.4%. In the rest of Europe, sales were up 28.1%.

Accell has largely exited the North American market since it closed Accell North America and sold Diamondback, Redline and IZIP to Regent LP in 2019. Alta Cycling Group, owned by Regent, sells those brands and the Accell-owned Haibike and Ghost brands in North America.

Accell sales in its "Other World" category, which includes North America, were 16.3 million euros last year, down from 19.6 million euros in 2019.


Topics associated with this article: Earnings/Financial Reports

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