Helsinki-based sports equipment manufacturer Amer Sports has recorded its best H1 since the company was acquired by a consortium of buyers led by the Chinese group Anta Sports Products Ltd. in 2019. Amer’s revenues rose by 37 percent to 13.27 million yuan renminbi (€1.77bn) for the six months ended June 30, according to details in Anta’s H1 report. Ebitda for the joint venture, the parent of the Arc’teryx, Salomon, Atomic, Peak Performance, Armada and Wilson brands, increased by 149 percent year-over-year to RMB 1.78 billion (€237.8m).
But Anta’s share of the Amer Sports’ joint venture equaled a loss of RMB 516 million (€68.9m) due to the impact of one-off items. Excluding these one-time charges, Amer Sports reported a “breakeven” H1 with operating profit adequately covering interest expenses and purchase price allocation impact.
In late June, credit rating agency S&P Global upgraded Amer Sports’ credit outlook to B+ from B and forecast annual revenue growth of 17 to 18 percent this year and 8 to 9 percent in 2024, citing the Finnish company’s strong performance in China, an acceleration in the Arc’teryx business, and continued momentum in footwear.
