January 30, 2018 / 1:44 PM / 8 months ago

Italy's Leonardo expects double digit profit growth by 2020

VERGIATE, Italy, Jan 30 (Reuters) - Italian defence group Leonardo said on Tuesday it saw 2018 as a “consolidation” year and that it aimed to return to double digit profitability by 2020.

The state-controlled group said it expected an average order growth (CAGR) in excess of 6 percent in the five years of its 2018-2022 plan and an average revenue growth of between 5 to 6 percent in the same period.

The group, whose 2017 guidance was revised down last year due to questions over its helicopter business, said it had taken actions to address the short term issues in the unit, adding these were not structural.

Leonardo added that 2017 revenues, earnings before taxes and amortisation (EBITA) and free operating cash flow were all expected towards the lower end of the guidance ranges. (Reporting by Giulia Segreti)

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