(Alliance News) - Racing Force Spa reported Thursday that it ended the first half of the year with revenues up 11 percent year-on-year to EUR37.2 million from EUR33.6 million in the same period last year.

In the second quarter alone, revenues grew 3.4 percent to EUR16.6 million from EUR16.0 million in the second quarter last year.

As the company explains, in terms of geographical areas, countries in the EMEA and APAC macro-regions recorded the most significant growth, amounting to 16 percent and 9.6 percent, respectively, compared to the first half of 2022 while the Americas marked a slight decline of 0.6 percent, mainly due to a one-off supply made in the previous year, net of which growth would have been double-digit.

With reference to product types, Driver's Equipment represents the main segment with 72% of total sales in the first half, up 12%. Car Parts sales show a decline of 11% while the Other segment shows triple-digit growth of 120%, mainly due to sales of Racing Spirit branded products, for which the group had acquired the entire project during the previous fiscal year.

Dealers remain the main sales channel for the group, accounting for 62 percent of total sales in the first half of the year, up 8.5 percent from the first half of 2022.

Paolo Delprato, Chief Executive Officer of Racing Force Group, said, "According to our plan, 2023 was to be a transition year, waiting for a significant recovery of growth in the coming years, following the investment projects we are still implementing and will complete next year. Recording double-digit growth in the first half of this year once again confirms the strength of the group and our entire team, the real driving force behind our success. In addition, the order backlog collected makes us look forward to the end of the year with significant positivity, with the goal of once again updating the sales record for the group."

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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