IN THE 12 MONTHS OF 2024 REVENUE AT €65.7 MILLION (+4.8% y/y) IN THE FOURTH QUARTER OF THE YEAR REVENUE AT €14.8 MILLION (+15.5% y/y)
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 (RFG) and Paris (ALRFG), announces consolidated sales figures for the fourth quarter 2024 and the full fiscal year:
Consolidated revenues for Q4 2024 amounted to €14.8 million, with a significant increase compared to €12.8 million in Q4 2023 (+15.5%);
Full year consolidated revenues reached €65.7 million, growing by +€3.0 million (+4.8%) compared to €62.7 million in 2023.
Excluding two seasonal non-technical apparel orders under the Racing Spirit brand delivered in 2023, the core business grew by 6.1% compared to the previous year.
Sales of Driver's Equipment in 2024 increased by €3.2 million (+7.2%) compared to the previous year, driven by growth across all major product categories offered by the Group and, particularly, due to the strong performance in racing suits and helmets. Revenue from Car Parts ended the year with a slight decline of -1.9%, primarily due to lower deliveries in the last quarter, linked to a few months delay in the production programs of some major racing car manufacturers. The segment Other recorded a slight increase compared to 2023 (+0.3%), despite the impact of the aforementioned non-recurring Racing Spirit orders, excluding which the segment grew by +22.1% compared to the previous fiscal year.
In terms of geographical areas, the Group has strengthened its leadership position in both the EMEA and APAC macro-regions, with a growth of €1.9 million (+4.6%) and €0.6 million (+9.1%) respectively over the fiscal year, and a double-digit growth in Q4 2024 (+14.6% in EMEA and +12.8% in APAC). Revenue in the Americas for the 2024 fiscal year recorded an overall increase of €0.5 million (+3.2%) compared to the previous year, driven by growth that began in Q2 2024 (+4.5%), accelerated in Q3 (+11%) and reached +19.6% in Q4. This growth was evenly distributed across OMP-branded racewear and Bell Racing-branded helmets.
Dealers remain the Group's primary sales channel, accounting for 60% of total sales during the year, with an increase of €0.5 million (+1.2%) compared to the previous fiscal year. In 2024, there was a significant increase in revenues from both Team & Car Manufacturers (+€1.8 million, +11.7%), driven by key partnership agreements signed by the Group in major world championships and national competitions (including Nascar in the United States), as well as from sales to customers classified as Other, which grew by +€0.8 million (+9.0%) compared to the previous year, supported by the implementation of new websites aimed at enhancing e-commerce.
Paolo Delprato, Chairman and CEO of Racing Force Group, commented: "Fiscal year 2024 had been announced as a transition year, marked by the implementation of strategic investments aimed at enhancing logistics and production capacity, essential to supporting growth in motorsport and the development of diversification projects, particularly in the defense sector. Despite a challenging environment, characterized by geopolitical uncertainty and persistently weak global demand, the Group achieved 4.8% growth, a result that reflects the commitment, dedication and strong passion of our entire Team, to whom I extend my sincere gratitude. In the fourth quarter, we recorded strong double-digit growth across all regions. In the Americas, particularly, sales marked a third consecutive quarter of growth, rising +19.6% in Q4 2024, reaffirming the great potential of the U.S. market for our Group. We look to the future with determination, continuing to work tirelessly to complete the ongoing investment projects by 2025 as planned, which will further strengthen the Group's growth in the years to come".
Racing Force Group's financial statements will be approved on March 26th, and the data will be presented and commented on by the management on March 27th. Details on how to attend the meeting will be confirmed soon.
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https://www.actusnews.com/documents_communiques/ACTUS-0-89845-250204-rfg-q4-full-year-2024-sales-en.pdf
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