Racing Force Group keeps growing in third quarter
Record sales expected for 2022
IN THE THIRD QUARTER, REVENUES AT €11.9 MLN (+11.0% y/y)
IN THE FIRST 9 MONTHS REVENUES AT €45.5 MLN (+27.6% y/y)
Ronco Scrivia (GE, Italy), October 19th , 2022 - Racing Force S.p.A., the parent company of Racing Force Group, which is specialized in the development, production, and marketing of safety components for motorsports worldwide, listed on the Euronext Growth segment in Milan and Paris, announces consolidated sales figures for the third quarter and the first nine months of the year:
• Consolidated third quarter 2022 Revenues of €11.9 million, up 11.0% from €10.7 million in the third quarter of 2021 (up 7.2% at constant exchange rates).
• Consolidated Revenues for the first nine months of the year of €45.5 million, up 27.6% from €35.6 million in the same period of 2021 (+24.7% at constant exchange rates).
The solid double-digit growth recorded in the first nine months of the year is reflected in all geographic areas, with particular emphasis on the macro-areas of the Americas, up 41.0%, and EMEA, up 25.4% compared to the same period last year.
Sales increased for all product categories, with Driver's Equipment in particular prominence (+33.3%), driven by the growing success of helmets, while the Car Parts segment recorded +15.3 % and Other grew by 9.2 %.
Dealers are confirmed as the main sales channel for the Group, accounting for 65% of total sales in the first nine months of the year. Compared to 2021, there was a strong increase in revenues to Team & Car Manufacturer (+40.3%) and Other (+76.3%), segments that benefited from important partnership agreements signed by the Group.
A new sales record is expected for the full year 2022.
Roberto Ferroggiaro, Chief Financial Officer of Racing Force Group, commented:
"The results we have been recording in recent years testify to the effectiveness of the growth strategies that the Group is implementing in the Motorsport sector, thanks to the synergies resulting from the integration of the different brands and thanks to well targeted investments in R&D and innovation. The figures for the quarter are very gratifying, and we believe that the margins for growth are still wide, both for the activities of our core business and for the projects included in our diversification strategy."