Germany’s Recaro Aircraft Seating has exceeded €500 million ($566 million) in revenue for the first time, up from €330 million in 2013, placing the company on track for a record performance in 2018.

The performance was partly driven by significant investment across the business, including research and development, CEO Mark Hiller said.

There are still some high-turnover months to come before the end of the year, he said. In 2017, year-end turnover was €487 million.

Since 2013, Recaro has grown from a €330 million turnover and just under 80,000 seats sold, under the company’s five-year strategic plan.

“There are several strategic reasons why we are already exceeding the €500 million sales milestone with more than 110,000 seats during this current financial year,” EVP-finance and administration Peter Müller said. “It was the right decision not to focus exclusively on market leadership in the area of economy-class seats, but rather to invest in strengthening our position in the business class as well.”

Schwaebisch Hall-based Recaro employs 2,300 staff across its plants in China, Germany, Poland, South Africa and the US.

Victoria Moores