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PSA Peugeot Citroen has reported a 28% surge in first quarter revenue and said it now expects significant recurring operating profit for the first six months of the year.

Revenue rose to EUR14n from EUR10.97bn in the same quarter last year.

Sales at the automotive division increased 22% to EUR10.6bn. PSA said the revenue gain reflected units sales growth and market share gains in Europe.

Group worldwide sales increased 28% to 914 000 units, while revenue from new vehicle sales climbed 27%.

PSA said that its share of the European car and light commercial vehicle market grew to 14.6% in the first quarter, from 13.5% a year earlier.

It said that its sales outside Europe would continue to grow this year thanks to rising demand and new vehicle launches in China and Latin America.

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By GlobalData

On the product side, PSA highlighted the ‘successful performance by the new Citroën C3, Peugeot 3008 and Peugeot 5008’.

In Europe, the Group still expects automotive markets to contract by around 9% over the year.

However, it said its market share should continue to increase compared with 2009, led by the full-year impact of models introduced in recent months and those currently being launched, such as the Citroën DS3 and the Peugeot RCZ.

Outside Europe, PSA said it will maintain unit sales growth thanks to fast rising demand in local markets and the launches of the Citroën C5 and the Peugeot 408 in China and of the Peugeot Hoggar, the C3 Aircross and the the Peugeot 408 in Latin America.

Philippe Varin, Chairman of the PSA Peugeot Citroën Managing Board, said: “I am very confident that our sales and marketing momentum and the deployment of the performance plan will enable the group to limit the impact of a business environment that risks being difficult in Europe in the second half.”

The company did not report Q1 profit or loss figures.