Orders, revenues and core profit kept rising by double figures at Italy's Leonardo (LDOF.MI) 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 (FCT.MI) - and forging pan-European alliances, with a joint venture launched with Germany's Rheinmetall (RHMG.DE).
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)
