HEERENVEEN, Netherlands (BRAIN) — Accell Group N.V. notched a sales increase of 3.3% in the first half of its fiscal year, but the company said it could have done better if not for supply and logistical issues.
Earnings in the half were up 35.5%; CEO Ton Anbeek said lower discounts and increased prices "more than offset increases in material prices and additional supply chain expenses."
Net sales were 699.1 million euros ($822 million), EBIT was 61.1 million euros and net profit was 44.2 million euros, up 54.3%.
"Overall demand for our bicycle brands and products remains high across Europe. This clearly reflects the increased recognition of the underlying positive impact of cycling on health, business and the environment. We are well on track to meet our 2022 targets,” Anbeek said.
Accell Group's brands include Haibike, Winora, Ghost, Batavus, Koga, Lapierre, Raleigh, Sparta, Babboe and Carqon. Its P&A brand is XLC. Accell Group employs approximately 3,100 people across 15 countries. Its shares are traded on the Euronext Amsterdam exchange under the Accel code. Stock quotes are available on Euronext.
