(Reuters) -French drone maker Parrot reported a rise in its first-quarter revenue on Thursday, propelled by a surge in European and global defence budgets.
The company, which makes lightweight drones and mapping software, reported quarterly revenue of 18.4 million euros ($20.6 million), 17% higher than in the same period last year.
Its shares rose 7% by 0812 GMT, bringing their year-to-date gains to more than 150%.
The sales increase was supported by a strong performance at Parrot’s professional microdrones division, which generates 57% of the group revenue.
Sales in this segment, which grew 13% from the same period a year ago, were buoyed by strong demand in several international markets, including North America, Britain and Japan.
Parrot exited the consumer drone market in 2021 and has since then been designing and selling small drones and mapping software for corporate and government clients.
Its client base includes the British Royal Airforce, the U.S. Army, the French Armed Forces, the Belgian Defence Force, the Counter Terrorist Operations Center of the Royal Thai Armed Forces, and the Japanese Ground Self-Defence Force.
Along its full-year 2024 results in March, Parrot said it was planning on capitalising on increasing defence budgets in its key markets, echoing remarks by French underwater drones maker Exail and supplier of night-vision systems to NATO, Exosens.
($1 = 0.8937 euros)
(Reporting by Anna Peverieri; Editing by Christopher Cushing, Mrigank Dhaniwala and Milla Nissi-Prussak)
Comments