Consolidated results have been prepared in compliance with the International Reporting Standards issued by the International Accounting Standards Board. Nine months 2017 figures have been adjusted, due to the IFRS 15 implementation starting from January 1st 2018.
After the sales growth reported in 2017 and in the first half of 2018, in the first nine months of 2018 the Company posted a 6.7% consolidated revenues increase compared to the first nine months of 2017. Technogym is growing significantly faster than the reference market and is gaining market share with respect to its direct competitors.
In the first nine months of 2018, sales stood at Euro 433.5 million versus Euro 406.2 million recorded in the same period of 2017.
Of particular significance is the increase in sales posted in hi-potential markets – North America (+15.5%) and Asia Pacific (+10.7%) – and in more consolidated markets – Europe (+8,4%) and Italy (+12%).
Following is a short analysis of revenues broken down by:
Data at September (In thousands of Euro and percentage of total revenues)
|2018||2017||2018 vs 2017||%|
With respect to revenue performance by sales channel: Field Sales continue to be the main channel, registering a growth of +11.1%. The Wholesales channel shows an important improvement compared to the first semester result (-1.4% Vs – 7%) thanks to the recovery of part of the revenue slippage due to the EPR change. The inside sales channel (Ecommerce & teleselling) recorded a negative performance only due to some geographical areas in Europe. The Retail channel, which has a marginal
impact on the company business model, with its main purpose to act as show room support for the other main direct sales channels in an omni-channel perspective, has posted a double digit growth.
Revenues by geographic areas
(In thousands of Euro and percentage of total Data at September 30
|revenues)||2018||2017||2018 vs 2017||%|
|Europe (without Italy)||221,719||204,576||17,143||8.4%|
In line with the trend of recent years, approximately 90% of the total revenues of the Group was generated outside of Italy and approximately 40% outside of Europe.
Technogym continues to grow in accordance with the business plans in all the main markets of greatest interest: Europe, North America and APAC. In accordance with trends in recent years, there has been a significant increase in North America (+15.5%) a strategic markets for the future growth of the company. Growth is also positive in Europe and Asia Pacific. After two years of strong growth, revenues slowdown in LATAM, mainly because of the instable macro-economic context in Brasil, which represents the major contributor in the region.
The Manager responsible for preparing the company’s financial reports, Stefano Zanelli, declares that, pursuant to paragraph 2 article 154-bis of the Consolidated Law on Finance (TUF), the accounting data contained in this press release reflects the Company’s accounts, books and records.