Australian surfwear firm Billabong International Limited has bought US wetsuit and watersport brand Xcel for an undisclosed sum.

Xcel, which makes products for the surfing, diving (recreational and military), ocean paddling, sun protection and wakeboarding markets is expected to be accretive to earnings per share in year one.

Xcel is also likely to contribute in the range of 1% to group revenue in the 2007-08 financial year, Billabong said in a statement yesterday (6 September).

Xcel founder and owner Ed D'Ascoli will remain with the business and continue to operate Xcel from its Hawaiian base.

Billabong reported a 19.2% jump in net profit to AUD$167.2m (US$137.5m) for the financial year to 30 June 2007. Sales climbed 24.1% to $1.2bn, driven by strong growth in Europe, the Americas and Australasia.