French multinational manufacturing company Safran has reported that its full year 2022 revenue increased by 24.8% to nearly €19.04bn, compared to 2021.

The company’s revenue on an organic basis also rose by 15.8% in the year.

Recurring operating income in 2022 was €2.408bn, up 33.4% compared to 2021 and 28% on an organic basis. The operating margin stood at 12.6% of sales.

Safran noted that the increase was driven by Propulsion, and Equipment and Defence service activities.

Adjusted revenue for Propulsion, and Equipment and Defence segments were €9.506bn and €7.535bn, respectively.

On an organic basis, revenues for the Propulsion segment increased by 18.3% and Equipment and Defence was up 10.6%.

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By GlobalData

Last week, Safran Helicopter Engines signed an agreement with Hindustan Aeronautics Limited (HAL) for engine work for the future 13t Indian Multi-Role Helicopter and its naval version, the Deck Based Multi-Role Helicopter.

The group’s 2022 adjusted net income was €1.178bn, with basic earnings per share (EPS) of €2.76 and diluted EPS of €2.68.

Benefitting from advance payments, the company saw its free cash flow increse to €2.666bn, against €1.680bn in 2021.

On a consolidated data basis, the company’s revenue was €19.523bn, recurring operating income was €2.493bn, and profit from operations was €2.043bn.

Safran CEO Olivier Andriès said: “Our teams delivered strong sales and profit growth while also generating free cash flow that exceeded our expectations. While we expect industry-wide challenges to continue near-term, 2023 is set to be a strong year for customer demand.

“Increase in Defence budgets, particularly in France, will provide opportunities for growth. Through our focus on operational excellence and our priorities of decarbonisation and sovereignty, we are on track to deliver on our 2025 commitments.”

For the full year 2023, Safran expects to achieve revenue of at least €23.0bn.

Last year, Curtiss-Wright acquired Safran Aerosystems Arresting Company for $240m in cash.