FIGEAC AÉRO (FR0011665280 – FGA FP), a leading partner for major aerospace manufacturers, today announced its revenue for the financial year 2022/23, ended 31 March 2023, followed by a trading update.
In €m - IFRS | 2022/23 12 months |
2021/22[1] 12 months |
Var. (%) |
Org var.[2] (%) |
Aerostructures & Aeroengines | 311.6 | 254.0 | +22.7% | +14.8% |
Diversification activities | 29.8 | 27.9 | +6.7% | +6.7% |
Total revenue | 341.4 | 281.9 | +21.1% | +14.0% |
Jean-Claude Maillard, Chairman and Chief Executive Officer of the FIGEAC AÉRO Group, commented: “After the harsh years we went through, we were able to adapt and bounce back. All of us with the Group are very proud to reach our revenue target for the second year in a row.
Challenges remain, but this good performance confirms that the crisis is well and truly behind us. Having emerged from the crisis stronger, we are ideally positioned to benefit from growth opportunities arising from the strong recovery in the aerospace sector.”
FIGEAC AÉRO achieves its annual revenue growth target
For the full year 2022/23 (ended 31 March 2023), FIGEAC AÉRO recorded strong growth in revenue, an increase of 21.1% compared to the previous year, to €341.4m. Over the period, organic revenue growth was 14.0%.
Excluding the one-off disposal of raw material inventories for a total amount of €12.0m (not impacting EBITDA), FIGEAC AÉRO' s revenue stood at €329.4m, thus reaching its annual revenue target for the second year in a row.
This performance mainly reflects the increase in OEM production rates, with whom FIGEAC AÉRO continues to reinforce its partnerships. Revenue was also driven to a lesser extent by currency effects and inflation pass-through initiatives.
Over the period, all Group's activities contributed to the overall growth:
Confirmation of a new growth cycle for the aerospace sector
The ongoing recovery, from which FIGEAC AÉRO has benefited over the period, is sustainable with all the signs of continuing growth in the foreseeable future:
Sustained sales activity despite a constrained context
While industrial performance is still affected across the whole value chain by recruitment constraints, strong demand from OEMs is generating a growing volume of consultations.
In this context, FIGEAC AÉRO has a major advantage with an industrial footprint that is already sized for growth. The Group is thus experiencing healthy sales momentum, particularly with system assemblers and engine manufacturers and it remains fully focused on developing its attractiveness and operational excellence, to maintain its full ability to win new business in all its segments.
In total, FIGEAC AÉRO had a solid order backlog of c. €3.4bn as at 31 March 2023[5], up from €3.0bn at the end of the first half 2022/23, driven in particular by the increase in production rates and new tender awards.
In addition, with the AS9100 certification obtained in July 2022 by its joint venture in Saudi Arabia, and April 2023 by its joint venture in China[6], the Group now has two fully operational entities, located in regions with very significant potential, expected to experience the strongest growth in air passenger traffic, and the resulting demand for new aircraft.
A very favorable outlook
All the indicators are therefore green for FIGEAC AÉRO for the years to come, both in terms of market fundamentals and sales dynamics, thanks to its strategic positioning on the main aircraft and aeroengine programmes.
Despite the inflationary context and the persistence of tensions on procurement and recruitment, the Group remains fully mobilized to progress towards its objectives:
In this context, with a strengthened financial structure, and strong discipline, focused on the profitability of contracts, and restraint in operational investments (CAPEX) and Working Capital Requirements, FIGEAC AÉRO is thus fully embarked on a solid path of profitable growth.
Consequently, profitability and cash generation targets for 2022/23 are confirmed:
And its 2024/25 objectives are further supported:
Finally, FIGEAC AÉRO will be present at the Paris Air Show, the most important event in the sector, which is returning after a four-year absence due to the health crisis.
Upcoming events
ABOUT FIGEAC AÉRO
The FIGEAC AÉRO Group, a leading partner for major aerospace manufacturers, specialises in producing light alloy and hard metal structural parts, engine parts, landing gear and sub-assemblies. FIGEAC AÉRO is a global group operating in France, the USA, Morocco, Mexico, Romania and Tunisia. The Group generated annual revenue of €341.4 million in the financial year to 31 March 2023.
FIGEAC AÉRO Jean-Claude Maillard Chief Executive Officer Tel.: +33 (0)5 65 34 52 52 Simon Derbanne Head of Investor and Institutional Relations Tel.: +33 (0)5 81 24 63 91 / simon.derbanne@figeac-aero.com |
ACTUS Finance & Communication Corinne Puissant - Analyst/Investor Relations Tel.: +33 (0)1 53 67 36 77 / cpuissant@actus.fr Manon Clairet - Press Relations Tel.: +33 (0)1 53 67 36 73 / mclairet@actus.fr |
[1] Revenue breakdown by division for the financial year 2021/22 have been restated as follows: reclassification of various on-site assembly, machining and surface treatment activities in revenue related to the Aerostructures & Aeroengines division, for a total amount of €19.8m
[2] At constant currency and scope
[3] Source: IATA, Air Passenger Market Analysis, March 2023, data in terms of Revenue Passenger Kilometers (RPK)
[4] Based on Airbus' delivery objective of 720 aircraft for the full year 2023
[5] Order backlog is calculated by combining orders received and to be received over the remaining duration or a maximum duration of 10 years of each contract and award, on the basis of announced and projected production rates. Based on a EUR/USD exchange rate of 1.12.
[6] See press release dated 9 May 2023
Regulated information:
Inside Information:
- Information on annual revenues
Full and original press release in PDF: https://www.actusnews.com/news/80115-cp_fga_20230524_ca-fy22-23_en_vdef.pdf