(Alliance News) - Racing Force Spa on Tuesday reported that it closed FY2023 with consolidated revenues of EUR62.6 million, up 6.4 percent from EUR58.9 million in FY2022.

In the fourth quarter, consolidated revenues stood at EUR12.8 million, down slightly from EUR13.4 million in the same period last year.

In terms of geography, the company explained that countries in the EMEA and APAC macro-regions recorded significant double-digit growth of 11 percent and 15 percent, respectively, compared to the previous year, driven by helmets and suits; the Americas posted a 7.8 percent decline, mainly due to a one-off supply made in the previous year, as well as the weakening of the dollar against the euro from the highs recorded in the previous year. Net of these effects, growth in the Americas would be 4.5 percent.

The incidence of Dealers as the group's main sales channel stands at 62 percent of total sales for the year, with Team & Car Manufacturer accounting for 24 percent and Other accounting for 14 percent. Compared to 2022, in particular, there is an increase in revenues to Team & Car Manufacturer by more than 14 percent and Other by more than 12 percent, segments that have benefited from important partnership agreements signed by the group.

Paolo Delprato, president and CEO of Racing Force Group commented, "In 2023 we have once again updated our sales record, thanks in particular to the excellent results achieved in the European market and the continued growth in Asia Pacific, regions where the group has further consolidated its leadership position. Despite an increasingly complicated macroeconomic environment, 2023 sales have made us achieve overall growth of 34 percent over the past two years."

"In 2023, we continued to invest in research and development for the continuous improvement of our products. At the same time, we are involved in a complex investment plan aimed at strengthening the structure and increasing logistics and production capacity, with the goal of supporting the further growth expected in motorsport and from diversification projects over the coming periods. We are working hard to complete, within the current fiscal year, the various projects that have been initiated. Therefore, 2024 will be a challenging year, supported by our established leadership in motorsport, further strengthened by the latest agreements communicated."

On Monday, Racing Force closed in the green by 0.7 percent at EUR5.44 per share.

By Claudia Cavaliere, Alliance News reporter

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