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BRIEF-RPT-Accell group H1 net profit down at 26.3 million euros
July 21, 2017 / 5:51 AM / a month ago

BRIEF-RPT-Accell group H1 net profit down at 26.3 million euros

July 21 (Reuters) - ACCELL GROUP NV:

* H1 ORGANIC INCREASE IN NET TURNOVER OF 3%, LARGELY ON THE BACK OF STRONG GROWTH IN THE SALES OF E-(PERFORMANCE) BIKES AND A STEADY INCREASE IN THE SALES OF PARTS AND ACCESSORIES (P&A)

* GROWTH WAS PRESSURED BY LOWER SALES IN NORTH AMERICA, THE NETHERLANDS AND TURKEY

* H1 OPERATING COSTS WERE DOWN SLIGHTLY, DESPITE AROUND € 5 MILLION IN EXTRA COSTS FOR THE IMPLEMENTATION OF THE STRATEGY

* H1 UNDERLYING OPERATING RESULT INCREASED SLIGHTLY

* H1 NET PROFIT LOWER DUE TO IMPACT OF ONE-OFF NON-CASH WRITE DOWN OF € 3.8 MILLION ON TAX ASSET RELATED TO NORTH AMERICANOPERATIONS

* IN 2017 EXPECT TO RECORD AN INCREASE IN TURNOVER AND AN UNDERLYING OPERATING RESULT AROUND THE SAME LEVEL AS IN THE SECOND HALF OF 2016 (€ 16 MILLION)

* H1 REVENUE EUR 634.0 MILLION VERSUS EUR 629.7 MILLION YEAR AGO

* TURNOVER IN REGULAR BIKES LAGGED EXPECTATIONS IN VARIOUS COUNTRIES, IN WHICH MAINLY CONDITIONS IN NORTH AMERICA, THE NETHERLANDS AND TURKEY PLAYED A ROLE -CEO

* H1 NET PROFIT EUR 26.3 MILLION VERSUS EUR 34.0 MILLION YEAR AGO

* H1 UNDERLYING OPERATING RESULT EUR 59.3 MILLION VERSUS EUR 57.9 MILLION YEAR AGO Further company coverage: (Gdynia Newsroom)

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