ITP net profits up 37% after civil division outperforms

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ITP Group, owned jointly by Sener Aeronáutica and Rolls-Royce, has posted a 37% increase in net profits to €58 million ($74 million), citing lower development costs and improved sales.

The civil business in particular outperformed for full-year 2011, with sales rising by 28% to €220 million from €172 million the previous year.

Net turnover for the entire business totalled €519 million - a 7.4% year-on-year increase - with the defence division also growing by 1.3% but in-service support falling 13%.

Commenting on the success of the civil division, which now accounts for 43% of total group activity, ITP chief executive Ignacio Mataix says the entry into service of the Rolls-Royce Trent 1000-powered Boeing 787 Dreamliner was the "outstanding" event of the year.

"Meanwhile the Rolls-Royce Trent XWB engine to be fitted in the Airbus XWB continues to advance in its development phase, successfully passing all its trials and tests and with highly satisfactory order figures," he adds.

Looking forward, ITP expects challenging global economic conditions to persist throughout 2012, contributing to "a drop in results and generation of resources".