Leonardo promises double-digit profits, end to helicopter glitch

Italian defense group Leonardo has promised double-digit profitability within five years, thanks to 6 percent annual growth in new orders and 5-6 percent revenue growth.

The prediction was contained in a new 2018-2022 industrial plan, which envisages a total of €70 billion (U.S. $87 billion) in new orders by 2022 and €200 million in annual costs, according to officials who presented the plan at Leonardo’s helicopter plant in Vergiate, near Milan, on Tuesday. Transportation to Milan from Rome for Defense News was provided by Leonardo.

CEO Alessandro Profumo said the performance would kick in after a “consolidation” year in 2018, but the numbers failed to impress analysts, who triggered a sharp fall in the firm’s share price.

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