US-based defence electronics manufacturer DRS Technologies is forecasting revenue growth in its next fiscal year of almost 70% to $2.9 billion after ending 2006 with an order backlog at an “all time high.” The acquisition of Engineered Support Systems in the last quarter of 2006, as well as “record” 2006 revenues point towards 2007 being DRS’s “best year ever”, says chairman, president and chief executive Mark Newman.
Revenues grew by a third in 2006, to $1.74 billion, with organic growth accounting for around 13% and the acquisition of Engineered Support Systems in the fourth quarter accounting for the balance of the increase. The company’s operating income was 35% higher than the previous year, at $192.7 million. DRS saw a funded backlog of $2.4 billion as of 31 March, almost double its total of $1.3 billion at the end of the previous year.
Source: Flight Daily News