French shipbuilder Naval Group released details of its financial performance on 21 February, with results for 2018 showing continued improvements in sales and profitability.
The group generated annual revenue of EUR3,608 million (USD3,147 million) in 2018, a rise of 13.0% from 2017, thanks in large part to its major platform programmes, including the Barracuda submarine and FREMM multimission frigate.
Net income also continued its recovery from a low point in 2014, with 2018's figure of EUR178 million representing annual growth of more than 25%.
In a statement announcing the release of the results, chairman and CEO Hervé Guillou said, "We have been boosted by a positive market momentum: firstly, by the French military programming law, which sets a binding framework for our activities [and] provides us with good visibility over major programmes; and secondly, by a buoyant international market with, in particular, the signing of the contract for the Australian programme.
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