A very good start to the financial year, up 26.8%
Figeac Aero North America, Inc. recognised as a strategic partner by Spirit AeroSystems
The Figeac Aéro Group (ticker symbol: FIG), a major partner for leading aerospace companies, today published its revenue for the first quarter of the financial year ending 31 March 2017.
|In € millions - IFRS
The Figeac Aéro Group MADE a very good start to the financial year 2016/17, posting consolidated revenue of €72.4 million for the period from April to June, up by 26.8%, and fully consistent with its development plan.
The Group continues to benefit from the ramp-up of major aeronautical programmes in which Figeac Aéro is strongly positioned. Thus, the Group's business is essentially driven by the Aerostructure business (85% of total revenue), an increase of 26.8% to €61.6 million.
Figeac Aero North America, Inc. recognised for its development in the USA
Spirit AeroSystems2, one of the largest global sub-assembly makers, awarded a prize recognising Figeac Aéro North America Inc. as a leading strategic partner. Through this award, the Figeac Aéro Group is recognised as a world-class player able to support Spirit AeroSystems in its future projects.
The Wichita site, offering genuine appeal for the Figeac Aéro Group from both an industrial and business standpoint, is a production facility in the dollar zone for the manufacture of parts and sub-assemblies in the heart of the world capital of the American aerospace industry.
This prize, awarded during an official ceremony in Wichita, in the presence of Spirit AeroSystems CEO, confirms the development strategy put in place in 2014 when the subsidiary was acquired as well as the support of its "Best Cost" subsidiary in Mexico.
Outlook and development strategies
Figeac Aéro posted average annual growth of 23% between March 2012 and March 2016. For its current financial year (ending 31 March 2017), the Company should post record growth of 35% with expected revenue of approximately €340 million and an EBIDTA margin3of €78 million, which would be a historic level.
With its successful fundraising, the Group is committed to an ambitious development plan and intends to continue this dynamic trend. The targets to March 2020 are maintained with revenue of between €650 million and €750 million, i.e. a nearly 3x multiplication of business in four years, along with an EBITDA4 margin at current levels.
Next publication date: 23 November 2016 (after stock market closing), H1 2016/17 revenue.
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 1,900 employees, FIGEAC AÉRO operates in France, the United States, Morocco, Mexico and Tunisia. In the year ended 31 March 2016, the Group reported annual revenue of €252.3 million. Its year-end order backlog was €3.9 billion.
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12016/2017 revenue is calculated using the average monthly EUR/USD rate of 1.1292 over the period. Published 2015/2016 revenue is at the budget rate of 1.255. Restated 2015/2016 revenue amounts to €61.1 million calculated using an average monthly rate of 1.1049.
2Spirit AeroSystems: 2015 revenue of $6.6 billion.
3EBITDA = recurring operating income + depreciation and amortisation +/- provisions.
4Based on €/$ parity of 1.18