ECA Group's 2017 consolidated revenue was in line with 2016 revenue, at €112.0 million. As announced on December 22, 2017, the 2017 revenue adjusted from the contribution of subsidiaries that have become non-strategic and will be deconsolidated in 2018 was €109.3 million, up 5.6% from the 2016 adjusted revenue. These subsidiaries, which show a loss abroad, are part of the Robotics and Simulation divisions.
In the Robotics division, adjusted revenue was €19.0 million in the fourth quarter, down 4.7%. Several major contracts in ground robotics and underwater robotics for Oil & Gas that were expected in the fourth quarter began to materialize only in early 2018.
Revenue from the Aerospace division was €11.7 million in the fourth quarter of 2017, an increase of 16.7% compared with 2016. The division's strong performance was buoyed by the new emergency locator transmitter business, which posted strong sales, and by solid performance in the embedded equipment and GSE businesses. The production line assembly business posted a decline as a result of delays on some aeronautics projects.
Finally, the adjusted revenue of the Simulation division was €4.2 million in the fourth quarter of 2017, up 18.8% from the same period in 2016. The division benefited from the execution of a contract for military vehicle driving simulators (MVS) for a customer in the Middle East (see February 21, 2017 press release ).
Since the beginning of 2018, the ECA Group has announced two important commercial successes.
The SMINEX order (see January 10, 2018 press release) for €30 million including optional tranches marked a major step forward for the Group. It is the first substantial order of IGUANA ground robots, which were developed in the last few years. In addition, the partnership with the Petrus oil services company will generate a minimum combined revenue of €6 million over the next four years and position ECA Group's A18D autonomous underwater robot on the Oil & Gas services market (see February 15, 2018 press release). These two successes confirm the trend of robot use in an increasing number of civil and military applications.
During the year, the ECA Group is expected to continue to grow as it markets products developed in recent years, and it expects to advance initiatives relating to improving its profitability, with an emphasis on improving operating efficiency and reducing costs.
In this context, ECA Group aims to generate slightly higher revenue in 2018 than in 2017.
Full year revenue on Tuesday April 3rd 2018 before market opening.