ITP Aero posts 67 million euro net income

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ITP Aero
(PHOTO: ITP Aero)

collinsaerospaceITP Aero reported revenues of €915 million in 2021 and a net income of €67 million. This includes both the ITP Aero business and the revenue generated, in the full year on underlying basis, by the Hucknall (UK) plant, which was acquired during 2021.

ITP Aero is starting to see a recovery from the impact of COVID-19 on commercial aviation based on a more favourable macro environment and to the action plans it has put in place. ITP Aero’s defence business, meanwhile, has continued to be stable and on a positive trend. During the year, the business integrated the Hucknall (UK) facilities, which has enhanced its position as a major global aerospace company due to its technology, complementary product portfolio and access to new business opportunities. ITP Aero closed 2021 with a total workforce of 4,175 employees, which includes colleagues in Hucknall.

During 2021, ITP Aero passed a number of important technology milestones including progress on the UltraFan engine demonstrator programme for Rolls-Royce (producing the TBH- Tail Bearing House, a key component, manufactured using 3D printing). Also, during the year, ITP Aero signed contracts with Pratt & Whitney Canada and continued to progress the FCAS programme as the Spanish engine leader (ITP Aero joined the programme as the main partner of MTU and Safran, allowing an equal workshare between France, Germany and Spain). ITP Aero also made progress on its path to more sustainable aviation by becoming a Founding Member of the EU’s Clean Aviation initiative. The company also joined the UN’s Race to Zero initiative, committing to become carbon neutral by 2050.

ITP Aero is currently the ninth largest aircraft engine and components company in the world by revenue. Ranking among the top 100 companies in the aerospace industry. The company employs 4,300 people at its production centres in Spain, United Kingdom, Mexico, Malta and India. ITP Aero includes among its activities the design, research and development, manufacturing and casting, assembly and testing of aeronautical modules and engines. It also provides MRO services for a wide range of engines for regional airlines, business aviation, helicopters, industrial and defence applications. ITP Aero operates as a corporate entity within the Rolls-Royce group.

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