THOMSON-CSF reports a steady growth in sales for 1994, but the French defence- electronics giant is still on course to show a large net loss for the year because of its 19% holding in the troubled Credit Lyonnais bank.

Thomson says that group sales rose by 6.2% over the year, to reach Fr36.4 billion ($7 billion), although the figures were increased by the inclusion of Sextant Avionique and the acquisition of the Hughes Rediffusion simulator business.

Without these additions and the effect of favourable exchange rates, the group admits that sales would have dropped by 3.5%.

Analysts estimate that the group is likely to report operating profits of around Fr1 billion, but that net losses could again be in the region of Fr2 billion because of the group's share in the state-owned Credit Lyonnais bank.

French systems companies Dassault Electronique and Intertechnique also posted improved sales for 1994. The Dassault systems grouping pushed sales up by 3.8%, to more than Fr4 billion, although the order intake was down on the 1993 record. Intertechnique posted an 11% rise in turnover to Fr1.4 billion.

Source: Flight International