Welcome to Episode 47 of the third series of The Weekly Defence Podcast. Listen on Apple Podcasts, Google Podcasts, Spotify and more.
Leonardo reports a rise above pre-pandemic levels
Leonardo’s reported results for the first nine months of 2021 indicate the recovery in growth and an increase in profitability from that reported in December 2020.
There has been strong commercial momentum with an order intake of 9.3 billion, up 9%.
The new orders amounted to EUR 9,266 million, a sharp increase when compared to the first nine months of 2020.
There have been a number of significant new orders. In regards to helicopters, a second contract for 36 AW119 helicopters for the US Navy was received.
Four production helicopters were contracted as part of the NEES programme for the Italian army.
There was also a contract for the supply of equipment for two U212 Near Future Submarines, which will join the Italian Navy's fleet from 2027.
The reported backlog amounted to EUR 35,235 million, coverage in terms of equivalent production equal to about 2.5 years.
However, the restructuring plan for Aerostructures was particularly affected by the pandemic. Leonardo predicts that 2021 will be the bottom year, with recovery and break-even point expected by end of 2025.
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