HEERENVEEN, the Netherlands (BRAIN)—Accell Group reported 9 percent growth in sales and 13 percent rise in net profit for the first six months of the year, according to earnings figures released Friday by the Dutch company.
For the first half of 2011, sales were 373 million euros, compared with 342.4 million euros for the same time period last year, and Accell Group reported net profit of 27.3 million euros, up from 24.1 million euros in 2010.
That rise was due to early arrival of summer weather, as well as acquisitions and organic growth in the e-bikes and sports bikes segments. Electric bike sales increased by 26 percent, while sales of sports bikes were up 14 percent. Sales of traditional bikes fell by 3 percent. The bicycle parts and accessories segment was up 14 percent.
The acquisition of Accell Bisiklet in Turkey boosted the number of bicycles sold to 709,000 from around 580,000 in the same period the year before, although average selling price fell to 410 euros.
Germany led sales growth in the first half of the year with an 18 percent increase overall and a 50 percent increase in sales of e-bikes. Accell also saw a rise in sales of Ghost, Haibike and Winora sports bikes. Turnover from bikes fell slight in the Netherlands and France, but the P & A business increased in both those markets. Revenue from Seattle Bike Supply fell slightly due to a decrease in sales of bicycles, partially offset by continued growth in parts. The fluctuation in exchange rates has a negative impact of around 1 million euros in revenue.
The forecast for the remainder of the year is for a further rise in turnover as many national and regional governments in Europe and beyond are encouraging use of bicycles as an alternative mode of transportation.
Accell Group is the market leader for bicycles in Europe with a portfolio of mid and high-range brands including Batavus, Koga, Sparta, Lapierre and Redline.
