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Thales takes revenue hit after unit sale, reports fiscal 2023

Thales takes revenue hit after unit sale, reports fiscal 2023

Defense contractor and biometrics player Thales says that fiscal 2023 sales for its digital ID and security segment rose 4.1 percent year over year on a constant scope and currency basis.

That segment fell 7.5 percent in absolute terms after Thales in 2022 sold its internet of things business to IoT-module maker Telit. (Thales retained a 25 percent stake in the shorn business.)

Still, the segment reported EBIT of €508 million (US$551.2 million) last year, up 2.7 percent compared to €494 million ($536 million) in fiscal 2022.

In a list of significant corporate-wide new contracts published by the company, none involved biometric production.

Thales described “high-single digit” organic growth for digital ID and security in the previous year, but only if excluding Europay, Mastercard and Visa payment cards and SIM cards. Sorting like that points to some strength in biometrics and cybersecurity products, according to the company.

The picture is a “high-single digit” drop for organic growth when including EMV and SIM business because “the decision (has) been made to preserve the profitability of these activities.”

Looking at the segment’s year ended December 31, order intake was €3.3 billion ($3.5 billion), an eight percent total drop over the €3.6 billion ($3.9 billion) reported in fiscal 2022.

Fiscal 2023’s order intake, however, represented a four percent year-over-year organic increase.

The digital ID segment performed worse in order intake than the other two principal business sectors. Total change for order intake decreased five percent for aerospace and ticked up a single percent for defense and security. Taken together, the three segments fell two percent year over year.

Digital ID and security was well behind its two sibling segments in sales for fiscal 2023.

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