(AOF) – In the second quarter, ended at the end of September, Figeac Aéro recorded a consolidated turnover of 87.8 million euros, an increase of 3.5%. Over this period, the aeronautical subcontractor posted organic growth of 8.9%. He points out that this is traditionally the weakest period of the financial year given the summer months. As of September 30, 2023, Figeac Aéro has an order book amounting to 3.7 billion euros, compared to 3.4 billion euros as of June 30, 2023.
This strengthening is mainly linked to the increase in rates on the majority of programs, to the latest contract announced with Safran Aircraft Engines on the LEAP-1B engine, and to a lesser extent, to a price effect.
The group confirmed that the discussions initiated with major systems manufacturers, revealed at the beginning of September, “continue to progress favorably and should materialize in new contracts requiring very low levels of investment”.
With a first half considered “particularly encouraging, both in terms of activity and commercial development prospects”, Figeac Aéro confirmed that it is in an “excellent position” to achieve all of its 2023/24 objectives, for the 3rd consecutive year. It targets a turnover of between 375 million euros and 390 million euros, a current Ebitda between 48 million euros and 53 million euros and free cash flows between 16 million euros and 20 million euros.
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The end of a duopoly?
For several decades, the American Boeing and the European Airbus have shared 99% of the world market for airliners with more than 110 seats. This market is worth more than 100 billion dollars per year. However, this duopoly appears weakened in 2022 for several reasons. First, for the first time, two medium-haul single-aisle aircraft, the C919 from China’s Comac and the MC-21 from Russia’s Irkut, are preparing to enter service. Added to this is the Boeing 737 MAX crisis. With the cessation of deliveries of this aircraft between 2019 and 2021, the production balance has been disrupted. In 2021 Boeing posted 340 deliveries, with Airbus remaining well in the lead, with 611.