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Leonardo presses on with double-digit growth in first half of year
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Leonardo presses on with double-digit growth in first half of year
Jul 30, 2024 8:47 AM

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)

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