Revenue up by +14.3% over the first nine months of the year 2016

Tuesday, October 25 2016
In the first nine months of the 2016 financial year, revenue grew by +14.3% compared with the first nine months of 2015. After a first half-year of solid growth (+23.0% compared with H1 2015), ECA Group's third-quarter revenue showed a small decline to €22.6 million (-1.9% compared with Q3 2015).

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Revenue up by +14.3% over the first nine months of the year 2016 - table

In 2015, the weighting of annual revenue on H2 was much stronger, as announced by management at the time of publication of annual revenue (see the press release dated July 26, 2016). The comparison with a very solid H2 2015 is thus disadvantageous.

The Robotics and Integrated Systems division showed a growth rate of +24.1% in the third quarter compared with Q3 2015, following growth of 16.8% in the first-half year. Third-quarter growth of the Aeronautics and Simulation divisions was down (-23.8% and -52.6% respectively). These declining numbers can be attributed to the final delivery on several large orders received for these two divisions in 2014 and 2015 (sale of six high-end axle simulators for land defense vehicles and the Airbus project).

 

Outlook

The Group just won the Innovation Award at the Euronaval trade show for an application of its airborne drone, the UAV IT180 in naval defense (see the press release dated October 18, 2016). This trade show delivered a wealth of qualified sales contacts. The Group's exhibit was visited by more than sixty official delegations and it now has many prospects for this end-of-year as well as for the first half of 2017.

At this specialized naval solutions trade show, the Robotics and Integrated Systems division presented its full range of underwater robots (A9-, A18- or A27-type AUVs, K-STER-type mine killers, H300/800-type ROVs, etc.) and USV INSPECTOR-type surface drones. Combined on the same vessel, these products are able to carry out complete de-mining missions (but also hydrography, surveillance and even search and assistance missions) through the sequential and/or parallel implementation of different robots equipping the vessel. Moreover, the Group has already announced the delivery of several systems of this type to two navies, including that of Kazakhstan, since the beginning of the year (see the press release dated September 20, 2016).

In addition, still in the area of submarine robotics, the Group just announced that it will provide six A27-M-type autonomous underwater vehicles (AUV), as well as other peripheral equipment items, in the FR/UK MMCM program. The amount of the contract exceeds €15 million for this additional tranche, most of the revenue of which will be recorded for the 2017 financial year (see the press release dated October 20, 2016).

At the same time, the Group is still focused on expanding sales of its UAV IT180 drone, for both civil applications (monitoring of sensitive sites, fire monitoring, etc.) and dedicated naval applications, for example measuring vessel magnetism (see the press release dated October 18, 2016).

Lastly, the Group also presented its range of Damage Control Simulators (DCS) at the Euronaval trade show as a modern and effective solution for training teams facing dangerous situations at sea. This niche market presents very real sales opportunities: in particular, the Group has won two contracts for Damage Control Simulators in Asian countries, one in the amount of €6 million for Damage Control training for a surface vessel (see the press release dated March 9, 2016) and the other for Damage Control training for a submarine (see the news of November 14, 2014).

 

In the third quarter, the Aerospace division saw its first project in Germany take shape for the supply of ergonomic modules for Airbus assembly chains, so that their operators can benefit from the best possible working position and optimize their quality of life at work and their performance time (see the news of September 7, 2016).

 

The Aerospace division also announced the opening of a maintenance center in Singapore to better serve its customers (existing and new) in the Asia-Pacific region. In addition, the ELTA (see the press release dated August 5, 2016) company should be acquired in 2016.

Lastly, the Simulation division, which had a particularly dynamic first half-year, should benefit from the growing need for tactical training on its markets (Civil and Defense). Its business activity in the second half of 2016 is down following the record second half of 2015.

 

The Group confirmed that it would exceed its revenue objective of €110 million for 2016.

 

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