Accell: Strong Demand for Electric and Sports Bikes
HEERENVEEN, the Netherlands – Today Accell Group announces that it recorded an increase in both turnover and profit in the first months of 2015. Demand for electric bicycles and sports bicycles in the higher segment of the market showed particularly strong growth.
The weather conditions in Europe during the first months of the year contributed to Accell’s favourable bicycle sales. The holding company of numerous companies in and outside Europe states in today’s trading update that its, “Attractive and typically innovative collections accounted for a greater increase in turnover than expected.”
René Takens, Chairman of the Accell Group Board, reports: “We have seen a good start to the year 2015 with a positive development of turnover. Sales of electric bicycles in the Netherlands and Germany increased. At the same time, the electric bicycle is also gaining popularity in countries where the market for electric bicycles has so far been limited, such as France, the United Kingdom and the Scandinavian countries.”
“We are also seeing a clear increase in demand for our sports bikes and an increase in turnover in parts & accessories, partly due to the acquisitions of Comet in Spain and CSN in Denmark. The higher turnover we booked helped to boost operating profit in the first months of 2015. We therefore maintain our forecast to the effect that, barring unforeseen circumstances, turnover and profit will continue to increase in 2015.”
Volatile currency exchange rates
On the impact on its financial results by the current volatile currency exchange rates Accell’s trading update says, “On a seasonal basis, Accell Group is largely covered for fluctuations in the most important currency exchange rates. Additional purchasing due to higher sales does have to be paid at current exchange rates. The recommended sales prices at a number of our brands have therefore seen an increase this season, in order to partly charge the increase in costs which resulted from the strong fluctuations in the US dollar exchange rate. This limited the impact of the more expensive dollar on Accell Group’s results.”
The company reports further that it has successfully completed the previously announced acquisition of CSN, a distributor of bicycle parts and accessories in Denmark. CSN has an annual turnover of around € 13 million and will be consolidated as of 1 January 2015. The integration of North American operations into Accell North America is now virtually complete.
Accell Group, currently employing about 2,800 people worldwide in eighteen countries and having production facilities in the Netherlands, Germany, France, Hungary, Turkey and China, is holding its annual shareholders meeting at its HQ in Heerenveen, the Netherlands today. The listed company realized a profitable revenue of € 882 million in 2014.