The aeronautical equipment manufacturer Figeac Aéro reduced its loss during its staggered 2023-2024 financial year and achieved or exceeded its objectives, helped in particular by the success of the Airbus A350.
Restructured after the collapse of its activity during the pandemic, the company based in Lot and specializing in the subcontracting of metal parts for aeronautics, reduced its net loss by a third, to 12.2 million euros. euros and managed for the first time since 2020 to generate an operating profit of 2.8 million euros, according to provisional results published on Wednesday.
However, its financial result remains weighed down (-24 million euros), in particular by the increase in the interest charge on the loan guaranteed by the State (PGE) during the health crisis.
“We are having an excellent 2023-24 financial year, at the end of which we have achieved or exceeded all of our financial objectives, for the third consecutive year,” said CEO Jean-Claude Maillard, quoted in the press release.
Its turnover actually showed an increase of 16.3%, to 397.2 million, higher than its objective comprised in a range going from 375 to 390 million. It also generated free cash flow of 24.1 million, multiplied by almost 5 and higher than its objective, already raised in mid-May.
However, “the financial year was marked by the persistence of tensions at different levels of the ‘supply chain’ – in terms of recruitment or the supply of raw materials – but thanks to an agile organization, we are now able to better anticipate them and master them,” he noted.
Over the last 12 months, Figeac Aero has been able to count in particular on the commercial success of the A350 wide-body aircraft, whose activity generated by the company represents 1.4 million euros per aircraft.
Figeac Aéro, however, expects a “negative impact of around 4 million euros” on the financial year due to the “lower growth forecasts for Leap engine deliveries” by CFM International.
These engines equip more than 60% of A320s and all Boeing 737 MAXs. Faced with the difficulties of its suppliers, particularly engine manufacturers, Airbus has revised downwards its aircraft delivery target for 2024 while Boeing, mired in quality problems, has reduced its MAX deliveries.
For the 2024-2025 financial year, Figeac Aero maintains its financial objectives: a turnover between 420 and 440 million euros, an Ebitda (gross operating surplus) between 68 and 72 million and a free cash flow between 20 and 28 million.
