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Accell Results Favourable Despite Slow Consumer Spending

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HEERENVEEN, the Netherlands (July 16) – Accell Group N.V. announced today that its earnings per share have risen by 39% over the first half of 2003 to € 1.51 (first half of 2002: € 1.09). Share value has moved between € 12,70 and € 13,35, with a peak of 15,75 just after opening of the […]

HEERENVEEN, the Netherlands (July 16) – Accell Group N.V. announced today that its earnings per share have risen by 39% over the first half of 2003 to € 1.51 (first half of 2002: € 1.09). Share value has moved between € 12,70 and € 13,35, with a peak of 15,75 just after opening of the Amsterdam Exchange on the day the half year figures were presented. Turnover rose by 4% from € 159 million to € 165 million. Favourable sales mix and improvements in the margins led to a rise of net profits by 41% to € 5.0 million (first half of 2002: € 3.6 million).
Although consumer spending has been – and still is – under pressure throughout Western Europe, Accell Group was able to use this situation to their profit, particularly in the Netherlands and France. Cost savings were achieved by means of the new production facility in Hungary, which is now in full swing.
Accell’s balance sheet, already of enviable ratio, has undergone further improvement, which gives Accell an excellent position for further growth. With regard to this growth scenario; the Dutch bike makers holding announced earlier this month that it started negotiations with Tunturi from Finland about a takeover.
Chairman René Takens expressed his confidence by announcing a ‘significant profit growth per share over the full year’, which implies double-digit figures. (OB)

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