Having reported that it got off to a good start in early 2015, Accell Group booked operating profit of €49.1 million in the first half of 2015, an increase of 29% from the €38.2 million recorded in the first half of 2014. Net profit was up 21% at €31.9 million.
Leading European bike business Accell Group owns brands such as Raleigh and Van Nicholas, alongside Koga and Lapierre amongst others.
The organic increase in net turnover came in at 11%, largely on the back of higher sales of electric bicycles and sports bicycles in the higher segment of the market. Overall net turnover, including acquisitions, in the first half of 2015 came in 13% higher at €573.8 million. Acquisitions had an impact of 2% on turnover growth.
The effect of currency exchange on the North American, United Kingdom and Turkish turnover was a positive €22.7 million.
René Takens, Chairman of the Board of Directors of Accell Group said “We recorded a positive development of turnover and profit in the first half of 2015, which included a spring season that was not particularly cold but did see a great deal of rain and wind in Europe. Turnover in bicycle parts and accessories also increased, both organically and as a result of the acquisitions of Comet and CSN.
“Targeted acquisitions have in the recent years contributed to our current position as one of the main European suppliers in this field. The reorganisation and repositioning operation in North America is progressing well. We have boosted our position among multi-sports chains, with our brand Diamondback, as well as through the introduction of our German brand Ghost.
He continued, “In the traditional American bicycle retail trade (IBD) we were confronted with tough conditions and the performance of Raleigh and our bicycle parts and accessories were below expectations. Barring unforeseen circumstances, we expect an increase in turnover and result in the second half of 2015.”
Bicycles turnover came in 12% higher at €432.7 million in the first half of 2015. The total number of bicycles sold came in at 985,000 in the first half of 2015 (H1 2014: 1,018,000). The average sales price was influenced by the greater proportion of electric bicycles and more expensive sports bicycles in turnover and increased by 16% to €439 in the first half of 2015 (H1 2014: €380).
Turnover in the segment bicycle parts and accessories came in 19% higher at €141.1 million (H1 2014: €118.5 million). Turnover from Accell Group’s own brands (including XLC, Raleigh and Diamondback) saw continued growth and was up 17%. Of the turnover growth in this segment, 11% came from the acquisition of Comet (Spain) and CSN (Denmark). These recent acquisitions contributed to the 21% increase in turnover in Europe.
In the bicycle parts and accessories segment, Accell Group notes that it ‘now has key positions in virtually all European countries and in North America.’
