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ITP Aero registers €983 million underlying revenue and €105 million underlying EBIT in 2019

02/28/2020

11% underlying revenue and 4% workforce increase

ITP Aero has registered 983M€ million underlying* revenue, an 11% increase in comparison to 2018, driven by growth in commercial aviation in both Trent and non-Rolls-Royce engine programmes, including a relevant increase in Pratt & Whitney programmes. By business areas, Civil has continued growing and now totals 75% of the business, while Defence and In Service Support represent 14% and 11%, respectively.  

EBIT reached 105M€, a 33% increase, driven by higher volumes and better performance across commercial aviation programmes. Profit after tax reached 95M€, an increase of 37% compared to 2018.

At the end of 2019, the ITP Aero Board and Management were both strengthened, including the appointment of Ben Story and Diego García Bernabeu as Board members and Carlos Alzola as CEO and Board member. The ITP Aero Board is formed by Josep Piqué, Chairman; Alberto Garcia Erauzkin, Diego García Bernabeu (independent members) Ben Fidler, Ben Story, Bob Stoddart (Rolls-Royce) and Carlos Alzola (CEO).

In addition, in line with the changes in Management, the three business units were reorganized into two reinforced business units - Civil and Defence-. MRO and aftermarket services have been integrated into the two business units with the aim of improving market access.

Operational review

In 2019, ITP Aero celebrated its 30th anniversary. During the year, business continued to grow, underpinned by strong positions across a range of large and medium commercial aircraft, as well as business jet platforms. In large commercial, ITP Aero increased deliveries for Rolls-Royce widebody programmes and single aisle engine products to other customers, including Pratt & Whitney PW1000G engines. Business aviation programmes also delivered growth, including the PW800 and HTF7000.

In addition, good progress was made during the year in terms of expanding production facilities in order to meet the rising demand of ITP Aero products. Investments included a new Externals facility in Biscay, Spain, which focuses on high technology products, and the extension of the Queretaro, Mexico, plant. Both sites are now open and fully operational. As well as increasing capacity, these investments will further improve ITP Aero’s manufacturing efficiency, resulting in cost reductions across civil and defence engine programmes.

ITP Aero also achieved important technology milestones in 2019, such as the successfully carried out first aerodynamic tests of the intermediate pressure turbine for the future Rolls-Royce UltraFan. An engine design that will define a new era, delivering significant weight, noise and fuel burn reductions, and will be 25% more efficient than a first-generation Trent engine, and 10% more efficient than the Trent XWB, currently the most efficient civil large engine in service.  

Other significant milestones in 2019 include the first internally designed and produced additive layer technology components: low pressure turbine seal segments for the Rolls-Royce Trent XWB-84 engine for the Airbus A350 XWB aircraft, and (Turbine Exhaust Case) non-structural vanes for the TP400 engine that powers the Airbus A400M military transport aircraft. Additionally, ITP Aero was certified to service the MTR390-E engine for the Tiger helicopter, the second company in the world to do so.  

People

ITP Aero increased its headcount by 4% up to 4,006 employees as of December 2019. Most of the 139 new hires took place in its Zamudio (Spain), Derio (Spain) and Queretaro (Mexico) plants.

2020 Outlook by Carlos Alzola, CEO of ITP Aero:

“Following our very strong performance in 2019, we expect to deliver stable sales and moderate improvement in operating margin. For 2020 we expect a moderate growth in Civil, including continued demand increase on newer, more fuel-efficient engine programmes in both narrowbody and widebody aircraft. We are strongly positioned in newer Rolls-Royce Trent engines, as well as Pratt & Whitney 1000G engines and other non-Rolls-Royce programmes. This growth will be offset by a slight reduction in Defence business revenues and the termination of programmes (A380). We also expect increasing technology investments in R&D and key programmes, such as the Ultrafan. 

Moving forward, we will continue investing in technology and in efficient digital transformation of production processes that will contribute to a more sustainable aviation. Also, we will focus on our role as the leading Spanish company in the propulsion pillar for FCAS/NGWS (Future Combat Aircraft System).”  

More about ITP Aero

ITP Aero is a world leading company within its market, currently the ninth largest aircraft engine and components company in the world by revenue. Ranking among the top one hundred companies in the aerospace industry. The company employs over 4,000 people at its production centres in Spain, United Kingdom, Mexico, Malta and India.

ITP Aero includes among its activities the design, research and development, manufacturing and casting, assembly and testing of aeronautical modules and engines. It also provides MRO services for a wide range of engines for regional airlines, business aviation, helicopters, industrial and defense applications. ITP Aero operates as a corporate entity within the Rolls-Royce group. 

Contact:
Louis Trollope
Communication Specialist
M: (+34) 610 267 334
louisjon.trollope@itpaero.com

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