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French company Thales’ annual core profits rise 32% -Breaking

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© Reuters. FILEPHOTO: This is the logo of French electronics and defense group Thales. It was taken at their headquarters in Neuilly (near Paris) on May 20, 2008. REUTERS/Charles Platiau GLOBAL BUSINESS WEEK AHEAD PACKAGE SEARCH BUSINESS WEEK AHEAD 17 OCT FOR ALL IMAGES

PARIS (Reuters – Thales, Europe’s biggest defence electronics firm posted a record 32% increase in operating income. It also saw record cashflow. This was as Europe’s largest defense electronics company retreated into profitability in the aerospace sector and experienced higher digital security margins.

French firm said that its operating profit for 2021 was 1.649 Billion Euros ($1.83 Billion). This is a 5.3% increase on 16.2 billion sales.

Thales reported that new orders exceeding sales of 19.9 Billion euros exceeded sales. It also stated it anticipated this happening again in 2022.

This year’s targets include an increase in sales of 16.6-17.2 Billion Euros and an operating margin of 10.8-1.1%, compared to 10.2% in 2021.

Chief Executive Patrice Caine told reporters the company remained interested in bolt-on acquisitions across its three core areas of aerospace, defence & security, and digital identity & security.

This could be a potential deal worth as high as 500 million euro in enterprise value.

Thales indicated last month that it is interested in any cybersecurity assets available for sale.

Thales posted a free cashflow of 2.55 billion euro in 2021, and increased its forecast for the next 2021-23 to 5.8 billion. The company also increased its dividend by 45%, to 2.5 euro per share.

($1 = 0.9007 euros)

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