The Group reported a 12% year-onyear (y-o-y) increase in revenue to $11.28b, Group EBIT reached $1.08b, marking a 18% y-o-y increase, while Group PBT rose by 23% y-o-y to $863m. Group Net Profit increased 20% to reach a new high of $702m. All three business segments contributed to the stronger y-o-y performance. This strong set of results was achieved against a backdrop of geopolitical tension and a dynamic market landscape. This could be attributed to the breadth of our customer base and revenue streams across geographies, underscoring our global footprint and balanced portfolio in our diverse segments of Commercial Aerospace, Defence & Public Security and Urban Solutions & Satcom, strategically and painstakingly built up over the years. The business segment details are covered in the Operating Review and Outlook section on pages 26 to 43. BUILDING ON STRONG FUNDAMENTALS FOR LONG-TERM SUCCESS Over the past year, we have focused on navigating evolving global events, demonstrating the strength of our fundamentals and long-term strategy, as evidenced by $12.6b worth of new contracts that strengthened our order book to a new high of $28.5b. Our 2024 results further demonstrated our disciplined approach and effective execution of our order book. A key focus of our Commercial Aerospace business is to address the changing dynamics of the aviation industry. Supply chain constraints have caused production bottlenecks for aircraft OEMs, delaying new aircraft deliveries. As a result, airlines are operating existing fleets for longer periods, driving demand for airframe and engine MRO services and keeping our hangars at near full capacity. While near-term shortages in passenger aircraft feedstock have impacted our Airbus Passenger-toFreighter conversion (PTF) volume, we have effectively reallocated resources to capitalise on the stronger airframe EBIT$1.08b 18% (Y-O-Y) FY2023: $915m PROFIT BEFORE TAX $863m 23% (Y-O-Y) FY2023: $704m NET PROFIT $702m 20% (Y-O-Y) FY2023: $586m FY2024 RESULTS HIGHLIGHTS REVENUE $11.3b FY2023: $10.1b 12% (Y-O-Y) MRO demand. At the same time, we are strengthening our capability as a Premier MRO provider for CFM LEAP engines as it continues to expand. To ensure continued competitiveness despite inflationary pressures, we continue to seek operational efficiencies, productivity improvements and cost management initiatives. By enhancing our capabilities and maintaining a strong focus on service quality, we aim to strengthen our competitive position in the market. 5 CORPORATE OVERVIEW PERFORMANCE REVIEW SUSTAINABILITY FINANCIAL REPORT
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