Leonardo, an Italian aerospace and defense group, continued to grow its revenues, orders and profits by double digits in the first six months of this year as it pursued its expansion strategy in European defence programs.

The first-half results showed double-digit increases in all Key Performance Indicators (KPIs). We have achieved important goals by playing a proactive role to promote European defense in recent months.

The digitalisation and portfolio rationalization processes have accelerated the consolidation of core defence business.

The state-controlled firm has been pursuing its goals of selling non-core assets, such as a submarine to Fincantieri, and forming pan-European partnerships, including a joint-venture with Germany's Rheinmetall.

The number of new orders increased by 15.6%, to 10,3 billion euros (11 billion dollars), compared with the same time last year. This was mainly due to the defence electronics and helicopter business.

The pro forma results for Jan.-June of 2023 showed a 10.9% increase in revenues to a little under 8 billion euro. Earnings before interest, tax and amortization (EBITA), however, were 13.3% higher at 503 millions.

In line with group plans, the debt was reduced by 0.6 billion euro per year.

Cingolani said that by creating a space division, the group was able to "focus on rapidly-growing market segments" and pursue its goals set forth in the 2024-2028 industrial plan approved this March. Reporting by Giulia Segriti, Editing by Cristina Carlevaro. $1 = 0.9258 euro

(source: Reuters)