Fincantieri: 2019 Growth in line with 2018 as Orders Jump

Fincantieri expects its 2019 growth rate to be in line with last year after a jump in new orders between January and March, it said on Thursday.

The group's order intake was worth 6.5 billion in the first quarter, it said, thanks to a record number of contracts for cruise ships.

The total backlog grew to 34.3 billion euros, equal to approximately 6.3 times last year's revenue.

The state-controlled group reported a 13 percent rise in revenue to 1.39 billion euros in the period.

Earnings before interest, tax, depreciation and amortisation (EBITDA) were almost stable at 90 million euros, with margin on sales falling to 6.5 percent from 7.3 percent in the same period of last year.

Revenue growth for the full year will follow the trend seen in 2018, the group said, adding that the EBITDA margin will also be in line with last year. In 2018 sales were up 9 percent, with an EBITDA margin of 7.6 percent.

Reporting by Francesca Landini