Leading European bicycle firm, Accell Group, with bike brands such as Lapierre and Raleigh, and accessories brand XLC, has announced its half-year 2021 results.
Net sales of €699.1 million in the period were up 3.3% year on year, with the company citing supply and logistical issues hampering a further uplift.
EBIT (earnings before interest and tax) hit €61.1 million, up 35.5%, thanks to higher sales and improved added value. Net profit reach €44.2 million, up 54.3% mainly driven by higher EBIT.
Ton Anbeek, CEO at Accell Group said “Despite lockdowns and closed bike shops in various countries in the first four months of the year, demand for bikes and parts & accessories remained strong across Europe and across segments.
“As stated before, global supply chain constraints for critical components have limited product availability and therefore impacted our bicycle sales in H1. Our added value rebounded thanks to lower discounts and pricing actions taken, which have more than offset increases in material prices and additional supply chain expenses.
“Combined with our continued focus on cost management this has resulted in a substantial EBIT increase and further margin expansion.
“Our new and innovative bike collections again received multiple international recognitions and awards, such as Bike of the Year for the Batavus Dinsdag and design & Innovation awards for our Haibike AllMtn 7, Lapierre Overvolt and Koga Pace. We also continued our digital roll out at pace with the launch of new Lapierre and Sparta websites.
“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.”
