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Gloucestershire Business News

Safran Q3 revenues up 26%

Jet engine and equipment maker Safran has today posted 26% higher underlying third-quarter revenues.

The French-owned company, which has a facility in Gloucester, said quarterly revenues rose 20.1% - or 25.9% on a like-for-like basis - to €5.825 billion, led by core propulsion revenues and buoyed by refurbishment projects at its Aircraft Interiors division.

Safran co-produces LEAP jet engines for Boeing and Airbus narrow-body jets with GE through their CFM International joint venture.

Safran followed GE in trimming the full-year percentage growth forecast for LEAP engine deliveries to 40-45% from around 50%. So far this year, deliveries of the fuel-saving engine have risen 45% to 1,174 units.

CEO Olivier Andriès said: "Safran continues to enjoy strong market tailwinds with narrowbody air traffic now trending well above pre-crisis level resulting in a strong demand for CFM56 spare parts.

"Our priority remains to ramp-up production while we still operate in a constrained supply chain environment. On the back of this solid nine months, we are comfortable with the delivery of our 2023 guidance raised at the end of July."

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