(Alliance News) - Racing Force Spa reported Wednesday that it closed the first half of the year with double-digit growth in revenues, up 11 percent, to EUR37.2 million from EUR33.6 million in the same period last year.

As the company explains, the increase was particularly in the EMEA and APAC geographies while the Americas marked a slight decline, mainly due to a one-off supply made in the previous year, net of which growth would have been double-digit.

Dealers remained the primary sales channel for the group, accounting for 62 percent of revenues, while Driver's Equipment was the main category in terms of product type, accounting for 72 percent of revenues.

Ebitda, on the other hand, fell to EUR7.9 million from EUR9.3 million a mainly due to higher costs incurred in the first six months of the year to support growth in Motorsport and, above all, investment and diversification projects currently being implemented.

Operating income fell to EUR6.4 million from EUR8.1 million while net income dropped to EUR4.9 million from EUR6.9 million.

Group net financial position moved to a positive balance of EUR300,000 from net debt of EUR4.4 million at the end of 2022, thanks in part to the capital increase executed in January as well as cash generated during the period from operations, net of investments during the first half of the year.

"Sales in the first two months of the second half of the year show significant growth compared to the already particularly positive figures of last year. Contributing to the sales growth, albeit to a limited extent, was the start of the first deliveries of carbon shells for the pilot jet helmet - Next Generation Fixed-Wing Helmet - in August, in line with the group's forecasts," the company explained.

"In the second half of the year, we expect a greater dilution of structure costs, with a positive impact on margins, compared to the second half of 2022."

Racing Force's stock closed Wednesday up 0.7 percent to EUR5.62 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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