HEERENVEEN, the Netherlands - Compared to the same period in 2011, Accell Group reports that sales in the first months of 2012 increased, both organically and by acquisition. The continued strong demand for electrical bicycles, especially in Germany, played a major role. Sales in both bicycle parts and accessories and fitness equipment increased as well.
The acquisitions of Currie Technologies in the USA and Van Nicholas in the Netherlands have been completed. As of 1 January 2012 the financial results of both companies are consolidated and integration of the new subsidiaries is in progress.
Due to temporary delays in deliveries from Shimano, relatively higher sales of last year models and transaction costs for the acquisition Accell Group reports that the results in the first few months were somewhat lower than last year, but are expected to recover in the coming months.
Outlook for 2012
Based on the developments in the first few months Accell Group reiterates its outlook for the full year 2012, which means an increase in turnover and in net operating result. Due to the timing of the Raleigh acquisition and the related one-off transaction costs, no significant contribution by Raleigh to the 2012 Accell Group net result is anticipated.