In outlining its financial results for the first half ended June 30, which showed an 11 percent increase in total revenues to €306 million, Accell Group said the fitness segment, which represented 6 percent of the total amount, did not meet expectations. There was instead continued progress in the sale of bicycles, particularly electric and sports bikes, with a further increase in average prices.
Revenues were boosted by the takeover of Ghost Mountainbikes. On an organic basis, sales increased by 6 percent, compared with 10 percent growth in the same period a year ago. Sales improved especially in Germany and France, which represented 24 and 27 percent of the total, respectively.
Sales of bicycles, parts and accessories increased overall by 12 percent to €288.2 million, and the number of bikes sold went up by 2.1 percent to 573,000 units.
The improved price mix allowed the Dutch group to raise the operating margin to 9.9 percent for the period. Net profit from ordinary operations grew by 20 percent to €19.3 million. A 10 percent profit increase is expected for the full year.
