Parrot shares rose sharply on the Paris Bourse on Thursday following the publication of its annual results, largely buoyed by growth in its micro-drone business.

The specialist in professional civilian drones says it expects to achieve consolidated sales of €71.9 million in 2022, up 32% (+24% at constant exchange rates).

On the basis of its new scope of consolidation, which excludes SenseFly, sold at the end of 2021, sales come to 70.7 million euros, representing annual growth of 75% (+64% at constant exchange rates).

With sales of 39.2 million euros, the microdrone business alone posted annual growth of 88% (+82% at constant exchange rates), thanks to the success of its 'Anafi USA', a product designed for the security and defense markets, which has been acquired by institutions in NATO countries (notably the USA, UK, France, Northern Europe and Japan).

As a result, the Group's gross margin rose to 56 million euros last year, compared with 39.1 million euros in 2021, representing an improvement of 43%.

Due to higher R&D and administrative and general expenses, operating income before non-recurring items nevertheless showed a loss of 19 million euros, although this was less than the 34.9 million euro shortfall in 2021.

Parrot, which had a net cash position of 68.5 million euros at the end of 2022, says it expects further growth in 2023, without providing many more details.

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