ROME, July 30 (Reuters) - Orders, revenues and core
profit kept rising by double figures at Italy's Leonardo
in the first half of the year, as the aerospace and
defence group pushed ahead with its strategy of expanding its
role in European defence projects.
"The first half results show double-digit growth across all
KPIs (Key Performance Indicators). In recent months we have also
achieved significant goals in strengthening international
alliances by taking an active role in promoting European
defense," Chief Executive Roberto Cingolani said in a statement.
He added that "the consolidation of the core defense
business continues thanks to the acceleration of the
digitalisation process and the rationalization of the
portfolio."
In recent months, the state-controlled company has pursued
its goal of disposing of non-core assets - such as the sale of a
submarine unit to Fincantieri - and forging
pan-European alliances, with a joint venture launched with
Germany's Rheinmetall.
New orders were up 15.6% to 10.3 billion euros ($11.1
billion) compared to the same period last year and taking into
account the consolidation of space joint-venture Telespazio,
boosted mainly by the group's defence electronics and helicopter
businesses.
Revenues were up 10.9% to just under 8 billion euros, and
earnings before interest, taxes and amortisation (EBITA) were up
13.3% to 503 million, compared to the pro-forma results in
Jan.-June 2023.
Debt was cut by about 0.6 billion euros year-on-year, in
line with the group's plans.
Cingolani added that the group's new space division
positioned the group "in rapidly growing market segments",
allowing it to pursue the objectives set out in its 2024-28
industrial plan, approved in March this year.
($1 = 0.9258 euros)