Accell Group Had Good 1st Quarter

HEERENVEEN, Netherlands (April 25) - Accell Group NV reported at its general meeting of shareholders held yesterday that the company recorded a high level of production capacity utilisation in the first quarter 2003. The number two bike maker in Europe stated that, as a result of the good weather in recent months, sales to retailers and consumers developed well. Accell Group NV maintains its forecast for 2003 with respect to continued growth. René Takens, CEO of Accell Group, said: "Compared with last year, most brands performed better in the first three months, which is obviously a satisfying development. We are also positive about the acquisition of the Kronan activities in the Benelux and Germany in March of this year. The Accell Group businesses further boosted their market positions in France and the Netherlands. In the Netherlands the demand for high quality bikes has not diminished and remains high. The new introduced E-bike, Sparta ION, was very well received by the market. In France, demand was also strong for the high quality products of Lapierre. Due to the difficult economic situation in Germany, results there are lagging the rest of the group. The new production facility in Hungary is fully operational. These developments give us sufficient reason to hold on to our expectations for the full year." (JO)