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Accell Group 2002 Results: Bike Sales up 20%

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HEERENVEEN, The Netherlands (February 24) – Accell Group NV sold about 785,000 bicycles in 2002; up 20% compared to the 650,000 in 2001. The second largest bicycle maker in Europe also saw its net profit increase 33% to € 6.8 million while turnover increased 26% to € 259 million (2001: € 206 million). 2002 results […]

HEERENVEEN, The Netherlands (February 24) – Accell Group NV sold about 785,000 bicycles in 2002; up 20% compared to the 650,000 in 2001. The second largest bicycle maker in Europe also saw its net profit increase 33% to € 6.8 million while turnover increased 26% to € 259 million (2001: € 206 million).
2002 results include the revenues of Winora, the German company that was taken over by Accell in October 2001. Organically the turnover of the bike maker that operates plants in Holland, France and Hungary upped 6%.
Despite declining consumer confidence throughout Western Europe and declining bicycle markets, Accell Group managed to strengthen its competitive position at all levels of the European market. However, in Germany the Accell Group companies performed less well than anticipated. The company stated further about the 2002 results: “The most important factors underlying the growth in turnover and profit where the higher sales of quality bicycles at relatively stable prices, and the integration of Winora. Tighter cost control and the organisation’s ability to respond to rapidly-changing market conditions also had a favourable effect on net profits.” (JO)

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