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Accell Group Reports Solid Start to 2011

Published April 28, 2011

HEERENVEEN, the Netherlands—Accell Group said in a shareholder meeting today that first quarter turnover has increased over last year.

The higher sales are partly a result of the early summer temperatures, and the bicycle season as of March was off to a good start, the company said in a press release issued following the annual meeting at company headquarters.

Growth was realized both organically as well as by means of an acquisition (Turkey’s Bianchi Bisiklet, now called Accell Bisiklet, and Atala). In particular, sales of sports bicycles and electric bicycles increased as compared to last year.

In addition to bicycle turnover, turnover of bicycle components and accessories also increased. Turnover of fitness equipment decreased, mainly due to the closing of own sales offices abroad.

“The trend that cycling is very popular persists and bike use increases for purposes of commuter traffic, recreation and health. Besides a further decline in the sale of traditional bikes, the turnover of sports bicycles and e-bikes grows. Electric bicycles have become an integral part of cycling in the Netherlands and in Germany with an increasing number of different models being available. The weather in, for us, important bicycle markets has thus far been better for our bicycle sales when compared with last year. We maintain our outlook for 2011 and expect a further increase in turnover and result, barring unforeseen circumstances,” said René Takens, Chairman of the Board of Directors of Accell Group.

Taking into account the normal effects related to the seasonal distribution of sales throughout the year, there were no significant changes in Accell Group’s financial position in the first months of the year.

Accell Group does not release quarterly sales figures. The company finished 2010 up 1 percent in revenue and 11 percent in profit. Last week, the company announced it purchased a 5.7 percent ownership stake in Germany’s Derby Cycle.

Topics associated with this article: Earnings/Financial Reports

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