Figeac Aero: Margin recovery expected
For the first time since its IPO, Figeac Aero (FGA) succeeded in generating positive free cash flow and reduced its net debt in the 03/2019 financial year. This was expected but it remains an essential milestone for the company, which thus demonstrates its ability to generate cash and to meet its objectives (this has not often been the case in the past). On the operational side, however, FGA reported results below our expectations.
Figeac Aero SA, formerly Figeac Aero SARL, is a France-based company engaged in the manufacture of parts and components for aerospace industry. It offers a range of products and services such as design, manufacture and assembly of subassemblies; manufacture of structural parts, ranging from small fittings to large panels; supply of engine parts, such as vertical lathe, blades, and milling of aluminum and hard materials; and manufacture of precision parts, such as landing gear and thrust inverters. The Company's customer base includes Airbus, Embraer, ATR, Boeing, Bombardier, Eurocopter and Gulfstream, among others. It is a member of the Figeac Aero Group, comprising companies engaged in provision of aerospace-related products and services. It operates through Groupe Sonaca and PECISS, industrial technology services company based in Tunisia.
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