Koga owner ups its profit forecast

Accell Group N.V. is adjusting its profit forecast upwards. For the full year 2004 the company now expects an increase of earnings per share by at least 30 percent compared to 2003. Accell Group is proposing a stock split.
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A statement from Accell put the profit boost down to "solid sales of bicycles, bicycle parts and fitness products in the upper segments, plus the positive contribution of acquired companies during the first half of the year."

René Takens, Chairman of the Executive Board of Accell Group, said:

"Obviously, we are satisfied with the development of our results during these times. The extensive attention for the centennial celebration of Batavus and the sales growth of the Sparta ION, an electrically supported bicycle, have given our results an extra impulse.

"It is clear that consumer spending will continue to be restrained for some time to come. However, the prospects for the coming months for Accell Group are good."

Takens said a proposal to split the shares 2 for 5 will be presented during an Extraordinary General Meeting of Shareholders.

"Following approval by the shareholders, the split can be effected in December."


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