October 22, 2019 / 5:18 AM / a month ago

French Thales' nine-month order intake down 6%

FILE PHOTO: The logo of Thales is seen at the high profile startups and high tech leaders gathering, Viva Tech,in Paris, France May 16, 2019. REUTERS/Charles Platiau

Paris, Reuters - French defense firm Thales TCFP.PA - which cut its full-year sales target last week - said on Tuesday that its order intake for the first nine months of the year had fallen six percent to 12.41 billion euros ($13.84 billion) on organic basis.

Europe’s largest defense electronics company confirmed that revenues were flat on comparable basis in the first nine months on the year.

On Thursday, Thales had already cut its 2019 revenue growth forecast, mainly because of slow sales of commercial satellites and production delays with an Australian military vehicle project.

The company expects full-year revenues to grow around one percent on an organic or like-for-like basis, rather than a previous goal of around three percent. All other financial targets remain unchanged.

Reporting by Matthieu Protard; Editing by GV De Clercq

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