{"id":41915,"date":"2023-07-29T06:52:53","date_gmt":"2023-07-29T10:52:53","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/italys-leonardo-to-focus-on-bytes-and-data-new-ceo-says\/"},"modified":"2023-07-29T06:52:55","modified_gmt":"2023-07-29T10:52:55","slug":"italys-leonardo-to-focus-on-bytes-and-data-new-ceo-says","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=41915","title":{"rendered":"Italy’s Leonardo to focus on ‘bytes and data’, new CEO says"},"content":{"rendered":"
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\u00a9 Reuters. Leonardo logo is seen displayed in this illustration taken, May 3, 2022. REUTERS\/Dado Ruvic\/Illustration\/File photo<\/span>
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By Alvise Armellini<\/p>\n

ROME (Reuters) -Italy’s state-controlled defence and aerospace group Leonardo needs to focus on the fast-growing cybersecurity and space sectors to keep up with industry trends, its new CEO said on Friday.<\/p>\n

Roberto Cingolani, a scientist and former energy and environment minister who was installed in May, spoke as the company reported for the first half of the year a jump in new orders, driven by its helicopter division, and falling debt.<\/p>\n

It also confirmed financial targets for 2023.<\/p>\n

“Defence is increasingly made with bytes and data, instead of bullets,” Cingolani said during a call with analysts, announcing a new industrial plan that will be unveiled in early 2024.<\/p>\n

Cingolani said Leonardo would strengthen its core defence business, but also move into “cutting-edge and disruptive technologies” and compete with big data industries, expanding its use of artificial intelligence (AI). <\/p>\n

He spoke of making the company more efficient, optimising its product portfolio, expanding its international presence, and better focusing its research & development (R&D) activities. <\/p>\n

“We have to do few things very well, rather than many things in a mediocre way,” he said.<\/p>\n

In the first half of 2023, Leonardo’s new orders rose to almost 8.7 billion euros ($9.60 billion), up 18.9% year-on-year, while group net debt fell to 3.6 billion euros from 4.8 billion euros in the first half of last year. <\/p>\n

H1 revenues were up 4.8% to just under 6.9 billion euros, while earnings before interest, taxes depreciation and amortisation (EBITDA) rose by 3.5% to 703 million euros.<\/p>\n

Leonardo’s confirmed guidance for 2023 includes a forecast for new orders at around 17 billion euros, revenues in the 15-15.6 billion euro range, EBITA at 1.26-1.31 billion euros and group net debt of about 2.6 billion euros.<\/p>\n

Like other defence groups, the Italian company has benefited from rising military spending in the wake of Russia’s invasion of Ukraine, and is involved in the GCAP next-generation fighter jet programme between Italy, Britain and Japan.<\/p>\n

Leonardo’s Milan-listed shares have risen by more than 46% since January, and are up about 20% from a year ago. On Friday, before results were announced, they closed up 0.7% at 11.88 euros.<\/p>\n

($1 = 0.9064 euros)<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. Leonardo logo is seen displayed in this illustration taken, May 3, 2022. REUTERS\/Dado Ruvic\/Illustration\/File photo By Alvise Armellini ROME (Reuters) -Italy’s state-controlled defence and aerospace group Leonardo needs to focus on the fast-growing cybersecurity and space sectors to keep up with industry trends, its new CEO said on Friday. Roberto Cingolani, a scientist […]<\/p>\n","protected":false},"author":1,"featured_media":2426,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-41915","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nItaly's Leonardo to focus on 'bytes and data', new CEO says | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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