Accell Group the bicycle manufacturer based in Heerenveen presented its results for the first six months of 2012 on the 26th of July.
The first half year of 2012 compared favourably with the first half year of 2011 with an increase in turnover of 19% to just over €445m. The increase was partially due to the recent purchase of Raleigh bikes in April. Turnover for the full year of 2011 was just over €1 billion. The largest growth for the company was the 42% increase in turnover of bicycle parts & accessories to €104m.
There was a decrease in turnover in France and the Netherlands, with bad weather influencing sales, but growth in the UK due to the Raliegh purchase and a 163 % growth coming from outside the EU accounting for the higher turnover.
The growth in sales however was offset by increase in costs with the net profit for the 6 months falling to €20.5m from €27.3m for the same period in 2011.
Earnings per share were 0.93 compared with 1.32 for the 2011 first half.
The share price was €19.85 at 30 June 2011 but closed at €13.605 on 31 July this year.
Accell Group is a holding company for its various subsidaries that make it one of the world’s largest bicycle producers with production facilities in the Netherlands, Germany, France, Hungary and Belgium plus sourcing from East Asia. It's brand portfilio includes Batavus, Bremshey, Ghost, Koga, Lapierre, Sparta, and Raleigh to name just a few. It also sells fitness equipment.
Full presentation of Accell's results are available from the Accell Group website.