Decline in Group revenue and recurring EBITDA predominately due to negative impact of Covid-19 on customer production rates
Rapid and proactive measures taken to curtail operating costs and preserve Group liquidity
Negative revenue trends to persist in H2 2020, partially offset by operating efficiency improvements
Toulouse, September 17h, 2020 – Latecoere, a tier 1 partner to major international aircraft manufacturers, today announced that its Board of Directors under the Chairmanship of Pierre Gadonneix, at their meeting on September 16, 2020, adopted and authorised the publication of Latecoere’s financial statements for the six-month period ended June 30, 20201.
Philip Swash, Group Chief Executive Officer, commented: “Latecoere’s H1 2020 results are consistent with the challenges affecting the broader aerospace industry. The Covid-19 crisis has led a number of our key customers to curtail aircraft production, which has in turn stunted the “pre-Covid” top- line growth trends we were experiencing in both Aerostructure and Interconnected Systems. We expect lower than normal production rates to prevail for the remainder of the year, negatively impacting our full year 2020 revenues.”
“Although we cannot control the exogenous factors impacting our business, we have taken prudent measures since March to reduce operating costs and strengthen our liquidity. We have reduced capital expenditures and will continue to take steps to ensure our cost base is aligned with our operating environment while preserving our engineering and operational strengths. During this difficult period, we have put in place across all our facilities extensive sanitary measures to protect our employees’ health. We have also made every effort to stay close to our customers at all times and believe we are well positioned to quickly regain the positive momentum we had before the Covid-19 crisis began.”
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