Mon 06/26/2023 08:12 AM
Dutch bicycle group Accell’s revenue grew 4.3% in 2022 but stalled in the first three months of this year, driven by falling parts and accessories sales, which resulted in a 15.4% year-on-year earnings drop for the quarter. The company’s liquidity was squeezed by ballooning working capital during 2022 turning free-cash-flow negative, but was shored up by a new €75 million asset-backed facility, sources said.
The group generated €1.436 billion of revenues in 2022, up from €1.377...
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