European bike producer Accell Group NV, which owns road bike brands such as Koga and Lapierre, has booked a further increase in turnover and profit in the first half of 2011. Turnover was up 9% at €373.0 million, compared with €342.4 million in the first half of 2010. Net profit rose by 13% to €27.3 million, up from € 24.1 million in the same period last year.
The rise in turnover was due to both organic growth and acquisitions. Total turnover from the bicycle business rose by 10% and the sales of bicycle parts and accessories was up 14%.
René Takens, Chairman of the Executive Board of Accell Group said that “Cycling is becoming more popular, both in Europe and beyond. Consumers continue to focus on the environment, mobility, health and active recreation. This leads to increased use of our products for both commuter travel and for recreational and health purposes.
“Our innovative sports bikes and electric bikes are especially popular. Partly due to the early arrival of summer temperatures, the new bicycle season got off to a good start right from March. Our strong brands and the various segments in which we operate, as well as our geographical spread, enable us to respond quickly to changing market conditions and opportunities.
“We will continue to actively seek acquisition candidates during the remainder of the year. With our yearly new collection and again many innovations, we expect to book a further increase in operating results in the second half of 2011.”
