HEERENVEEN (THE NETHERLANDS), 5 MARCH 2021 - Accell Group N.V., the leading European bicycle company with well-known brands such as Haibike, Koga, Batavus and Raleigh, today announces its full-year 2020 results.

STRONG RESULTS IN A TURBULENT YEAR

HIGHLIGHTS
Net sales of € 1.3 bn, up 17% fully organically, due to fast recovery after first lockdowns and sustained high demand for bicycles, parts and accessories across Europe
EBIT of € 74.7 million vs € 60.0 million in prior year due to higher sales and focus on costs, partly offset by inefficiencies as a result of supply chain disruptions; underlying EBIT increased 45% to € 79.7 million, underlying EBIT margin up 121 bps at 6.1%
Net profit of € 64.8 million driven by higher EBIT and favourable tax effects
Trade working capital improved sharply to 19.4% from 32.4% of Net sales due to lower inventories and stricter cash management in response to COVID-19 pandemic
Free cash flow of € 195.4 million, improved significantly versus -/- € 61.6 million in prior year
image

Ton Anbeek, CEO Accell Group: “Once bike shops across Europe reopened after the first lockdowns, we saw a very strong recovery and sustained high demand in the second half of the year. This demonstrates more than ever that cycling is moving the world forward.

The significant increase in sales was broad based, with strong contributions from our e-bike and e-cargo bike categories and from parts & accessories. The 17% organic top line growth combined with our focus on costs and cash led to a 45% increase of our underlying EBIT and a very strong cash flow for the year, despite various pandemic-related supply chain inefficiencies.

Our bike collections continued to win multiple international awards, including the Design and Innovation Award for the Haibike AllMtn 7 and the Lapierre Overvolt. We rolled out improved digital brand platforms (such as Raleigh.co.uk) and implemented CRM across the group.

With customer orders at continued high levels, COVID-19 is currently still impacting the stability of our value chain, as shop closures and global component delivery disruptions are resulting in longer lead times for bicycles. We continue to take actions to mitigate supply chain effects due to these disruptions as much as possible.

With governments, cities, companies and consumers embracing the positive benefits of cycling for personal health, business and the environment, the future of Accell Group looks bright. We are confident that we are on track to meet our 2022 targets.” ?


210305 Accell Group press release - ANNUAL RESULTS 2020.pdf
971.77 KB

gesloten werd op EUR 33,40 +2,90 vol. 356.796