(Alliance News) - Racing Force Spa on Tuesday reported its consolidated sales figures for the first quarter, during which it posted revenues of EUR20.6 million, "in line" with the same period of the previous year, the company specified in a note.

Net of two seasonal orders for Racing Spirit branded non-technical apparel, sales for the period were up 5 percent compared to the same quarter in 2023, the statement said.

In terms of geographies, all major countries in the APAC macro-region-Australia, China, and Japan-recorded significant growth of 28 percent over the same period last year; sales in EMEA were broadly in line with the previous year while there was an 11 percent decline in the Americas.

The changes in EMEA and the Americas were affected by the aforementioned orders for non-technical apparel under the Racing Spirit brand. Excluding these impacts, growth was 2.9 percent in EMEA and 2.5 percent in the Americas.

Roberto Ferroggiaro, Chief Financial Officer of Racing Force Group, commented, "Group sales in Q1 2024 are up from the previous year, with the exception of Racing Spirit branded non-technical apparel, which was impacted by deliveries to two primary customers in Q1 2023 to cover the entire season. Excluding this effect, overall sales increased by 5 percent over the previous year."

"Pilot apparel, and in particular OMP-branded fireproof suits, was the main driver of growth globally," Ferroggiaro continues.

"Despite the comparison with a particularly robust first quarter of 2023," the CFO concludes, "the high-single-digit growth in order intake from the start of fiscal year 2024 allows us to look forward with great confidence to the continuation of the season, pending the completion of investments aimed at increasing production and logistics capacity, supporting both growth in motorsport and diversification projects in the defense helmet sector.

Racing Force's stock closed at a par at EUR4.15 per share.

By Chiara Bruschi, Alliance News reporter

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