Turnover up too for group; electric bikes now drive 25 per cent of cycle turnover for Accell

Profits up 15 per cent for Accell

Accell Group’s latest financials, published today, have revealed a rise in profit and turnover for the group.

Turnover rose by six per cent to €572.6 million from 2008’s €538.0 million, five per cent of which was organic growth. Net profit rose 15 per cent to €32.7 million from €28.6 million in 2008.

The bicycle part of Accell’s business saw a nine per cent increase in turnover to €543.0 million from €498.6 million in 2008 – accounting for 95 per cent of Accell Groups total turnover. The firm cited demand for electric bikes, mountain bikes and cycles for special target groups in the mid and high-end segments as drivers of performance, with electric bikes accounting for a significant 25 per cent of turnover.

The group sold 986,000 units of bicycles, compared with 974,000 in 2008, with an average price of €439.

Earlier this year Accell took over German distributor Baumker & Co, the firm’s second, joining US firm Seattle Bike Supply. The acquisition was due in part to greater opportunities for the sale of e-bikes, according to Accell.

Turnover levels in France and Germany grew faster than expected, while predictability of consumer demand decreased for Accell in 2009.

René Takens, chairman of the board of directors of Accell Group, said: “Accell Group had another good year in 2009, due in part to turnover growth in Germany and France. Our distinctive power in innovation and contemporary design were once again success factors.

Electrical bikes, sports bikes and bikes for special target groups sold especially well. The market was more dynamic than in previous years. There were more shifts in the market, to which we had to respond quickly and effectively. This placed greater demands on our organisation’s ability to adjust, but also contributed to the growth of our results.

“Health, environmental awareness, mobility and active recreation are and will remain important trends that stimulate consumer demand for our products. In the coming years, the use of bicycles for recreation and sports and as alternatives to the car will further increase in popularity. Based on this, we expect a further increase in turnover and result in 2010, barring unforeseen circumstances.”

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