PSA Peugeot Citroën has posted first-quarter 2012 group revenues of EUR14.3bn (US$18.9bn) down 7% and reflecting continuing European recession.

Automotive division revenues fell 14% year-on-year, with an 8% contraction in the European market compared to first-quarter 2011, which benefited from an increase in registrations ahead of the scrappage incentives withdrawal and sustained pricing pressure.

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Despite those disappointing numbers, PSA recorded strong revenue growth at Faurecia – up 8% and Banque PSA Finance – up 6%.

Logistics business, Gefco, dropped 4%, but the recent announcement of a global alliance with General Motors is under way with PSA touting the success of a EUR1bn capital increase.

Highlights of the first quarter included the launch of the Peugeot 208 on 29 March, the vehicle rental unit, Citer, sold for EUR448m million and signature of an agreement for the sale of its Paris headquarters building for EUR245m.

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Allied to that are EUR1bn of ongoing cost reduction, a EUR600m bond issue and EUR700m in LTRO1 financing obtained by Banque PSA Finance.

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“The competitive environment remained difficult during the quarter, with pricing pressure similar to the last quarter of 2011 and markets in Southern Europe worsened considerably, with an unfavourable impact on the Group’s country mix,” said a PSA statement.

“This environment should last throughout the first half of the year. In 2012, the Group continues to expect the Europe 30 market to contract by 5% and by 10% in France. Outside Europe, the Group is anticipating growth of 7% in China, 6% in Latin America and 5% in Russia.”

For further details of PSA’s Q1 results, please click here.