Declining bike sales hit Accell in the Netherlands
Friday 27 July 2012
Europe's biggest bicycle maker, the Heerenveen-based Accell Group, has been hit by falling bike sales, the Financieele Dagblad reports.
The company has now revised down its 2012 profit forecasts and no longer expects an increase in operating profit.
Accell owns the Batavus, Sparta, Koga and Raleigh brands. It sees three reasons for its poor financial performance: the shrinking Dutch market for bikes, the poor spring weather and currency effects.
Bike sales in the Netherlands fell 13% in the first half, reducing home market turnover 10% to €124m, Accell said.
First half net profit fell €7m to €20.4m on like-for-like sales, which rose 2%.