The Accell Group N.V. has posted an operating profit of €49.1 million in the first half of 2015, an increase of 29% from the € 38.2 million recorded in the first half of 2014.
The Dutch cycling giant, which owns brand labels such as Koga, Ghost, Haibike, Lapierre, among many others, returned a Net profit that's up 21% at €31.9 million (H1 2014: € 26.3 million excluding non-recurring items).
Turnover was up 13% at € 573.8 million (H1 2014: € 506.2 million). The organic increase in net turnover came in at 11%, largely due to higher sales of electric and performance bicycles in the higher segment of the market.
Interestingly, it was electric bikes that account for the strong sales, with the group suggesting sales were up some 20 per cent, with Germany in particular performing well.
Sales of traditional bikes rose 4 per cent, while 'sports' bikes rose 8 per cent.
René Takens, Chairman of the Board of Directors of Accell Group: “We recorded a positive development of turnover and profit in the first half of 2015, which included a spring season that was not particularly cold but did see a great deal of rain and wind in Europe. We are clearly benefiting from our leading position in the field of electric bicycles, which now represent 34% of our turnover. We are ahead of the field in technological innovations and the introduction of new Haibike performance E-bikes and Sparta and Haibike E-speed bikes, both of which new products have the clear potential to further boost our organic growth in the years ahead.
"Turnover in bicycle parts and accessories also increased, both organically and as a result of the acquisitions of Comet and CSN. Targeted acquisitions have in the recent years contributed to our current position as one of the main European suppliers in this field. The reorganisation and repositioning operation in North America is progressing well. We have boosted our position among multi-sports chains, with our brand Diamondback, as well as through the introduction of our German brand Ghost. In the traditional American bicycle retail trade (IBD) we were confronted with tough conditions and the performance of Raleigh and our bicycle parts and accessories were below expectations. Barring unforeseen circumstances, we expect an increase in turnover and result in the second half of 2015.”