Le Coq Sportif, which is owned at 70 percent by the Swiss investment company Airesis, increased its total 2010 revenues by 8 percent to €89.8 million, lifted by a 14 percent rise in direct sales to €72.5 million. Sales in the key French market grew by 12 percent to €38.1 million.
Gross margins grew to 50 percent of revenues from 48 percent a year earlier. The adjusted Ebitda was up by 9 percent to €6.4 million and the net profit surged by 50 percent to €4.0 million.
Airesis' other major asset is a 100 percent stake in Boards & More, whose annual revenues rose by 13 percent to €33.8 million while the gross margin widened to 42 percent from 40 percent. The adjusted Ebitda of the water sports company increased by 108 percent to €2.0 million and the net profit swelled by 178 percent to €1.9 million.
Airesis finished 2010 with a slight decline in revenues to CHF171.1 million (€131.4m-$190.2m) from CHF171.2 million a year earlier. The gross margin increased to 48 percent from 46 percent and net profits attributable to shareholders rose to CHF4.5 million (€3.5m-$5.0m) from CHF3.2 million. The group expects a drop in profitability this year due to investments to support growth and expand its product range as well as rising raw material prices.
