PARIS, March 5 Reuters France39;s Thales on Tuesday reported an 11 underlying increase in 2023 operating profit and 8 higher sales, buoyed by a rebound in the civil aerospace market, while becoming the latest group to feel pressure in the competitive space business.

The company posted a record 2.132 billion euros 2.31 billion of operating profit topping 2 billion for the first time since before the pandemic in 2019 and sales of 18.428 billion euros, while the operating margin stood at 11.6, up 0.6 percentage points.

Analysts were on average expecting 2023 operating profit of 2.107 billion euros on sales of 18.177 billion, according to a companycompiled consensus.

Thales, which supplies civil and military radar and digital identity systems, said its order intake was fractionally higher than the year before at 23.132 billion euros.

For 2024, Thales predicted likeforlike sales growth of 4 to 6 to reach between 19.7 billion and 20.1 billion euros. It predicted an operating margin of 11.7 to 12 and said new orders would continue to outstrip revenues.

The company also flagged it would cut about 1,300 jobs at Thales Alenia Space amid structurally weaker demand in commercial telecoms, and that these workers would be redeployed within the group. Some 1,000 of the affected jobs are in France.

CEO Patrice Caine said there would be no forced departures as Thales tries to keep skills inhouse.

The move comes as the market for large satellites in geostationary orbit once…