Fitness financials: Accell Fitness overall profits up, while fitness segment revenues sink

Accell Fitness, based in The Netherlands, announced its revenues and profits for the first six months of 2009 overall are up 15 percent compared to a year ago; however, the revenues for the fitness segment, representing only 4 percent of the group, have dropped significantly.
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Accell Fitness, based in The Netherlands, announced its revenues and profits for the first six months of 2009 overall are up 15 percent compared to a year ago; however, the revenues for the fitness segment, representing only 4 percent of the group, have dropped significantly.

Accell Fitness (www.accell-group.com), with fitness brands Tunturi and Bremshey, saw its total company revenues climb by 9 percent to EUR 333 million (USD $473 million), primarily due to the growing demand for electric bicycles and an increase in sales in Germany. The organic turnover growth was just over 7 percent, compared with 6 percent in the first half of 2008. Net profit was up 15 percent to EUR 22.1 million (USD $31.4 million), from EUR 19.3 million (USD $27.4 million) in the first half of 2008.

However, revenues for the fitness segment were down in the first six months of 2008 by 35 percent, partly due to the loss of a number of international distributors and decreasing consumer demand. Revenues in the fitness segment in the past six months dropped to EUR 11.6 million (USD $16.5 million), from EUR 17.7 million (USD $25.2 million) in the first half of 2008. The drop in revenues was partly the result of the loss of a number of international distributors who were no longer able to finance their purchasing in the current financial situation and for whom Accell Group also did not wish to increase credit limits.

The operating costs as a percentage of turnover dropped to 26.5 percent, from 27.7 percent in the first half of 2008. This decrease was the result of both relatively lower personnel costs and relatively lower other operating costs, the company said.

Based on the current market outlook, Accell Group reported it expected higher revenues and an increase in net profit of around 10 percent for the full year 2009, barring unforeseen circumstances and further economic developments.

(Conversion of Euros into U.S. dollars is for information only, is not necessarily relative to earnings, and is based on the currency rate as of July 22.)

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