Leading European bike business Accell Group NV recorded a 23% increase in turnover to €772.5 million in 2012, up from €628.5 million in 2011. This was partly due to the acquisition of Raleigh and the rising sales of electric and innovative sports bikes, especially in Germany.
In addition to Raleigh, Accell Group also owns brands such as Van Nicholas, which was acquired in December 2011, alongside Koga and Lapierre amongst others.
The company noted that organic turnover growth (excluding the impact of acquisitions) came in at 3%.
René Takens, CEO of Accell Group said “2012 was largely dominated by the acquisition of Raleigh. This move meant we added brands to our portfolio that are known across the world, and also strengthened our position in the USA and the United Kingdom in particular.
“In 2012, bicycle sales in a number of European countries including the Netherlands came under pressure as a result of reduced consumer spending and the fact that consumers postponed purchases of durable goods, including bicycles.
“Following a moderate first half of the year, results improved in the second half of 2012 when compared with the same period of 2011. [Here] organic growth came in at 5%, while turnover growth including acquisitions came in at 28% in the second half of 2012. The net operating result was in line with previously given guidance. The 2011 result was boosted considerably by the €16 million book profit on the sale of the stake in Derby Cycle (Germany).
Takens continued, “In order to be well positioned for future growth following the Raleigh acquisition, we have succeeded in the full refinancing of the company with a strong group of banks. Moreover, the new financing structure is more suited to the nature of our company.”
Accell Group expects the popularity of cycling to continue to grow in the coming years. Barring unforeseen circumstances, Takens forsees an increase of turnover and net operating result in 2013. “In addition to the organic growth in profit, further contributions will also come from synergies resulting from the cooperation between Accell Group companies and Raleigh,” he said.
