Paris (awp/afp) – French aeronautical equipment manufacturer Latécoère halved its net loss in the first half of 2022 over one year, while its activity was boosted by an increase in production, but also acquisitions and the effects of exchange.
Latécoère, a prestigious name in aeronautical construction since 1917, today specializes in aerostructures (doors and fuselage parts) and electrical wiring.
Like the entire aeronautical sector, it suffered from the Covid-19 crisis, which resulted for it in a net loss of 190 million euros in 2020 and 111 million in 2021.
The group remained in the red in the first half of 2022, with a net loss of 27.3 million euros, but this was halved compared to the same period of 2021 (56.6 million), according to a statement.
Latécoère, supplier in particular of Airbus and Boeing, saw its activity melt almost by half during the crisis, and has launched in recent months in a campaign of acquisitions with the avowed aim of reaching a “critical size”.
The jump in half-year sales (+33.8% over one year, to 242.3 million euros) reflects both the resumption of aircraft production by its sponsors (+18.8% at exchange like-for-like), the increased scale of the business, and the strength of the dollar against the euro.
Thus, of the 61.2 million euro increase in activity, 19 are due to acquisitions, while exchange rate effects have inflated total turnover to 14.1 million.
Latécoère announced in May the acquisition of the Canadian specialist in aircraft structures Avcorp Industries, and in June that of the Mexican company Hermosillo, a subsidiary of another French equipment manufacturer, Figeac Aéro.
On Tuesday, Latécoère said it expected the conclusion of these acquisitions in the fourth quarter of this year.
The group also confirmed its objectives for the current financial year, namely “a growth in turnover of more than 20% in published data and organic growth (at constant exchange rates and perimeter) being in the upper end of the range between 15 and 19%”.
afp/rp