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Canada’s CAE has reported an 18% drop in its annual revenue as demand for flight simulators and pilot drills remained weak due to the Covid-19 pandemic.

The company’s total revenue in the fiscal year (FY) 2021 amounted to nearly C$3bn ($2.48bn). In the last fiscal, the figure was C$3.6bn ($2.97bn).

The flight simulator maker and aviation training specialist also recorded an 8% decline in fourth quarter revenue to C$894.3m.

CAE’s net loss in FY 2021 amounted to C$47.5m, compared to net income of C$318.9 in the previous year.

In the quarter that ended on 31 March 2021, the company’s net income was C$18.8m, falling 77% from C$81.1m a year ago.

Annual operating income was C$48.4m while annual net loss attributable to equity holders amounted to C$47.2m.

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Additionally, CAE’s adjusted net income dropped 65% from C$359.7m in FY 2020 to C$127.1m in FY 2021.

The company’s annual Defence revenue was C$1.22bn, down 9% from the previous year. In the fourth quarter of FY 2021, the figure was C$334.4m, down 2% on a year-on-year basis but up 12% on a sequential basis.

The total value of defence orders booked in the fourth quarter amounted to C$370.4m.

CAE president and CEO Marc Parent said: “Turning to our results, given the magnitude of Covid-19 impacts, I am especially pleased with what we have been able to deliver in fiscal 2021.

“In the face of the biggest-ever shock in the history of civil aviation and major disruptions across the defence and healthcare markets, CAE rebounded to quarterly profitability and positive free cash flow after only our first quarter.

“Our recovery momentum has continued into the fourth quarter with average training network utilisation of 55% and sequentially higher margins in civil, order bookings to sales breaking above 1.1x in defence, and record quarterly revenue in healthcare.”

Earlier this year, CAE agreed to acquire L3Harris Technologies’ military training business to support its growth in the defence sector amid a slowdown in civil aviation.