Airbus earnings up despite supply chain issues

Aerospace giant Airbus has targeted the delivery of 720 commercial aircraft in 2023 after supply chain pressures impacted its production last year.

The world's biggest aircraft manufacturer, which employs thousands of people at Filton, South Gloucestershire, reported increased revenue for 2022 of £52.2 billion - up from £46.2 billion in 2021.

Adjusted earnings before interest and tax rose by 16 per cent to £4.9bn. The company has targeted a rise to £5.3bn for the current financial year.

Airbus delivered 661 commercial aircraft to 84 customers last year, retaining its position as the world’s largest aircraft manufacturer.

Publishing its full year results, the firm said it had not delivered as many aircraft as it had hoped in 2022, due to supply chain issues.

"The industry continued its recovery during 2022, with air traffic increasing and airlines turning to their long-term fleet planning," said Airbus CEO Guillaume Faury.

"We delivered solid financials despite an adverse operating environment that prevented our supply chain from recovering at the pace we expected.

"The company had to adjust its operations accordingly, which led to lower commercial aircraft deliveries than originally planned. We are adapting our production to match supply.

“As we move forward in 2023 we are focused on our industrial activities and the longer-term transformation of the company.

"The solid 2022 financial performance and our confidence in the future lead us to propose a higher dividend payment this year.”