Racing Force (RFG) H1 2024 earnings summary

Executive summary

• Achieved €37.6m in sales for 1H 2024, up 1% year-over-year, with EBITDA of €8.2m (21.7% margin) and net income of €5.4m (14.4% margin).

• Positive net financial position of €4.6m, reversing from €3.2m debt at FY 2023.

• Cash flow from operations rose sharply to €7.1m, supporting investments and dividend payments.

• Share capital increased by €7.5m to fund expansion, including a new Bahrain facility.

• Global leadership in motorsport safety equipment, with 3,400+ customers in 84 countries.

Financial highlights

• Revenue: €37.6m (+1% YoY); EBITDA: €8.2m (21.7% margin, up from 21.3%); Net profit: €5.4m (14.4% margin, up from 13.1%).

• Cash flow from operations: €7.1m (up from €1.4m); net financial position improved to €4.6m from €3.2m debt.

• Net working capital stable at €25.2m.

• Group equity increased to €59.4m, mainly from capital increase and retained earnings.

• Dividend of €2.3m paid in May 2024.

Outlook and guidance

• Focus on organic growth, efficiency, and cash generation; investment plan to complete by Q2 2025.

• H2 2024 started with mid-single-digit growth in turnover and orders.

• 44 new racing products to launch for 2025, with 60% new and 40% updated.

• Targeting compliance with new FIA and SNELL standards, and full kartwear range by year-end.

• New technical partnerships and product launches (e.g., Bell Racing FIA 8859-2024 helmet) expected to drive future growth.