Accell Group Grows on Bike, Parts Demand
Net income from continuing operations, excluding the since divested North American business, was up 9% to €64.8 million ($73.8 mm) from €59.3 million on 17% higher revenues of €1,296.5 ($1,476.7 mm) million, up from €1,111.0 million. The discontinued operations posted a huge loss in 2019, pulling reported net profit down to just €2.8 million. Added value, which is effectively gross margin, was off 284 basis points to 27.9%, while operating expenses were down almost €7 million and leveraged 430 b.p. on the higher sales. Demand for bikes sustained the burst of strength Accell saw at ... Log in to view full article.