Thule¿s Sales Growth Modest, Profit Flat

MALMO, Sweden (BRAIN)—Rack maker Thule saw net sales inch up by 5.5 percent during the first six months of 2005, compared to the same period last year. Operating profit (EBITA), however, only increased by 1.6 percent to SEK 193 million ($25.5 million) on net sales of SEK 1.5 billion ($200 million).

During the first half of the year, Thule acquired Swedish horsetrailer manufacturer Star Industrier and Belgian RV accessories maker Omnistor Accessories NV

The rack maker reported 10 percent sales growth in Europe in boxes and rearmount bikes carriers, climbing from SEK 792 million ($104.6 million) to SEK 871 million ($115 million).

“We were affected by the prolonged winter season during the first quarter but confident to catch up during the second quarter. The sales development especially in Central Europe, UK and France lived up to those expectations and all other key markets performed in line with expectations. June saw record high sales for our European/Asian division,” said Thule chief executive officer Anders Pettersson. “We have been able to respond to consumers’ needs for new products which are driving our sales. New bike carriers like the Thule Euroway or the kayak lift aid Thule Hullavator are crucial in our continuous effort to maintain our leadership position.”