- Record business growth: +29% as at 31 March 2017
- Excellent profitability expected: corrected EBITDA1 margin over 23% for the 2016/17 financial year
- Growth targets for 2020 upheld
The FIGEAC AÉRO Group (ticker code: FGA), a key partner for leading aerospace industry companies, has today published its annual revenue figures for the financial year ended 31 March 2017.
|In € millions, IFRS
|9-month revenue at 31/12/16||185.8||236.3||+27.2%|
|Revenue for 4th quarter||66.5||89.0||+33.8%|
|2016/17 annual revenue||252.3||325.3||+29.0%|
Record business growth of +29% over the year
Following the increase in business activity begun in the 2nd half year, FIGEAC AERO recorded consolidated revenue of €89 million for the 4th quarter of 2016/17, with particularly strong growth of 33.8% compared to the same period in 2015/16 (16.5% at constant scope and exchange rates).
Consequently, for the full year 2016/17, the Group's revenue reached €325.3 million, with record growth of +29% since 2010 (22.5% at constant scope and exchange rates). The business momentum for 2016/17 was mainly driven by the Aerostructures business, which posted growth of 32.9% over the period (25.2% at constant scope and exchange rates), while on-site assembly business grew by 65%.
This unequalled level of activity was achieved despite the reduction in delivery rates for certain programmes, which impacted at the end of the financial year: A380, the business jet sector (F7X, Embraer Legacy, Gulfstream G280 and G650) and slower than planned delivery ramp-ups for new programmes.
Auvergne Aéro3, for which the acquisition was completed in November 2016, generated revenue of €14.8 million, exceeding all targets and fully taking advantage of the FIGEAC AERO Group's sales momentum.
2016/17 confirmation of the profitability objective
Building on the excellent business performance, FIGEAC AERO confirms the achievement of a corrected EBITDA1 margin for the 2016/17 financial year exceeding 23%, and still at the top end of the sector.
A positive outlook
In line with its market plan, FIGEAC AERO will actively pursue its growth strategy with positive and recurring free cash flow from 2019 onwards.
FIGEAC AERO reaffirms its objectives to March 2020: revenue of at least
€650 million4, with an average annual growth rate of at least 26% over three years.
ABOUT FIGEAC AERO
The FIGEAC AÉRO Group, a leading partner of major aerospace manufacturers, specialises in the production of light alloy and hard metal structural parts, engine parts, landing gear parts and sub-assemblies. An international group with a workforce of over 3,000 employees, FIGEAC AÉRO operates in France, the United States, Morocco, Mexico and Tunisia. In the year ended 31 March 2017, the Group reported annual revenue of €325 million.
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(1) Corrected EBITDA 2016/17: Current operating income + depreciation and amortisation + net provisions – Before the breakdown of R&D expenses capitalised by the Group by type.
(2) 2016/17 revenue is calculated using the average monthly EUR/USD rate of 1.0974 for the period, and 2015/16 revenue is calculated using the average monthly EUR/USD rate of 1.1040 for the period.
(3) Integrated at prorata temporis as of 25 November 2016.
(4) Based on €/$ exchange rate of 1.18.
News releases under ongoing reporting obligations:
– Information on annual revenues
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