COVID fails to dent CAE finances
Canada-based CAE posted full-year revenues of C$3.6 billion ($2.57 billion) for its FY2020, marking a 10% year-on-year increase despite what President and CEO Marc Parent described as ‘the impact of COVID-19 headwinds’ in Q4.
Announcing the results on 22 May, CAE described a 12% annual increase in operating profits (to C$537.1 million), as demand remained strong for its portfolio of training and simulation products and services.
Net profits grew from C$335.2 million in FY2019 to C$359.7 million the following year.
CAE responded directly to the coronavirus outbreak by developing a new ventilator for the healthcare sector. The CAE Air1 ventilator is now in the final stages of certification by the Canadian health authorities.
‘It took just 11 days for 12 CAE engineers and scientists to develop a prototype [pictured above], and now more than 500 of our employees are delivering on a contract with the Government of Canada to manufacture 10,000 ventilators,’ said Parent.
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