Despite Bad Weather: Increased Turnover for Accell Group

HEERENVEEN, the Netherlands - In the first months of 2008, both turnover and profit of Accell Group increased again due to higher sales of bicycles, bicycle parts and accessories. This was announced at last weeks General Meeting of Shareholders.

“Particularly the demand for bicycles in the higher segment, which includes electric bikes, remained strong", said René Takens, Chairman of the Executive Board of Accell Group.

“Last year, the first months were particularly positive, due in part to the relatively high temperatures and dry weather. The fact that turnover and results are higher this year demonstrates the attractiveness of our top brands. The persistently strong demand for premium bikes and electric bikes and the sound availability of our bikes in particular have contributed to the higher result in the first months of 2008.”

As of March, Accell Group also noted a positive contribution from the recently acquired international top brand Ghost. Ghost will be consolidated as from 1 March 2008. It is expected that the recently completed acquisition will contribute to growth in 2008.

Fitness equipment sales in the first months of the year lagged in terms of expectations. This impact is relatively minor, as the fitness activities represent less than 10 percent of Accell Group’s total turnover.