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Paris (pte015/10.01.2005/11:15) - French telecoms and defence equipment manufacturer Sagem http://www.sagem.com has revealed an increase of 12.3 per cent in its 2004 revenue. As the Financial Times http://www.ft.com reports, this was boosted by a strong demand for its mobile phone handsets. According to the company, which is currently undergoing a 4.9 billion euro merger with aircraft engine maker Snecma, sales for the year to the end of December were 3.57 billion euros compared with 3.18 billion euros in 2003.
The figure is slightly higher than Sagem's prediction in October that 2004 sales and operating profits would be 12 and 18 per cent higher respectively than the previous year. The telecoms company's communications unit, France's biggest manufacturer of mobile phones, saw a rise in sales of 15 per cent to 2.4 billion euros, mainly due to the introduction of a host of new handsets.
The French government is currently selling off its majority stake in Snecma, which revealed a 2004 sales increase of 5.9 per cent to 6.8 billion euros, to Sagem in a bid to reduce its budget deficit. It is expected that the merger will create a company with annual sales of around 10 billion euros, enabling it to compete more effectively against global defence and electronics companies such as Honeywell.
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