Safran reports strong performance for first-half 2014

Safran reported first-half 2014 adjusted revenue was €7,208m, up 4.4% year-on-year (5.3% organic).Adjusted recurring operating income at €981m (13.6% of revenue), up 16.5% year-on-year. After one-off items totalling Euro (10) million, profit from operations was €971 m. Adjusted net income – group share of €632m (€1.52 per share) compared with €658m in 2013 which included a capital gain of €131m from the sale of Ingenico shares. Consolidated (non-adjusted) net income – group share at €650m (€1.56 per share). Net debt position of €1,797m as of June 30th, 2014, with positive free cash flow generation (€41m) while heavily investing in R&D and the transition to LEAP.