PARIS (Reuters), a French aeronautical group Safran (EPA:) While warnings were made about “significant effects” due to the conflict in Ukraine, and rising inflation, full-year projections have been confirmed by EPA as 22% revenue growth was reported in its first quarter.

Manufacturer of aircraft engines and landing gear reported quarterly adjusted sales that rose 17% to 4.71 billion euro ($4.3 billion).

Olivier Andries Chief Executive stated that “we are taking strong steps to fully offset the margin impact from the Russia-Ukraine war and inflation,” adding that we have additional savings.

As a pair General Electric (NYSE:), Safran and Boeing co-produce the most-sold jet engines (NYSE:) through their CFM venture.

In the first quarter of 2018, the widely-watched civil aftermarket, which was depressed by the COVID pandemic in 2001, grew 52.9% in dollars, contributing to an 18.8% rise in total propulsion revenue.

Safran was active in Russia, where it supplied engines for Superjet’s regional plane and Kamov helicopters. It also provided services to some 500 CFM-powered aircraft.

After Russia invaded Ukraine, the European Union imposed sanctions that have forced it to suspend exports and services. Airbus and its ArianeGroup rocket partnership have been suspended.

Safran is also dependent on Russia to supply 50% of its titanium requirements, which are used in landing gear and engine parts.

It stated its 2022 needs had been met, and that it was looking for alternatives.

Safran stated that inflationary pressures on raw materials and increased freight costs will increase the company’s profit margin by 0.8 percentage points.

Although the company announced “vigorous” cost savings to compensate a headwind equal to 1.5% in its 2022 annual recurring margin, they also confirmed their full-year predictions. ($1 = 0.9511 euros)