The Czech manufacturer of unmanned aerial vehicles Primoco UAV increased its sales and net profit by more than 80% year-on-year in the first half of this year. The company has signed new contracts worth more than CZK 500 million. The best half-year results in the company's history are driven by growing interest in high-end unmanned systems from customers in the defence, security and civilian sectors.
Primoco UAV SE, whose shares are traded on the prime market of the Prague Stock Exchange, announced record half-year results. Revenues of the Czech manufacturer of unmanned systems grew by 81% to CZK 331 million in the first half of 2024. The net profit also increased by 81% compared to the same period last year, reaching CZK 121 million. EBITDA was CZK 156 million.
“In addition to the superior quality of our machines and their exceptional durability, which they demonstrate daily on hundreds of missions over four different continents, customers also appreciate our ability to respond flexibly to their individual needs and to make deliveries on short notice,” said Ladislav Semetkovský, CEO and founder of Primoco UAV. He said the company is now benefiting from its emphasis on investing in innovative technologies, manufacturing capabilities and global business relationships. This enables it, among other things, to maintain a highly superior operating margin above 40%.
Primoco UAV has concluded new contracts for the supply of a total of 26 unmanned aircraft for more than half a billion CZK in the first half of this year. The company continues to fulfill its previously announced full-year outlook, and expects it will win new orders for 50 to 60 machines with a total value of around CZK 1 billion this year. For comparison, last year, Primoco customers ordered 33 One 150 UAVs in the full year.
“The increase in demand for Primoco UAV systems is not only due to the current geopolitical situation in the world, where governments and security forces in many countries are increasingly aware of the important role of unmanned aircraft in securing and strengthening their own defence, but also the growing use of UAVs in the civilian sector. An example is the June contract for the delivery of two Primoco UAVs to a customer in Asia, where they will perform missions in the area of inspection, calibration and evaluation of airport navigation equipment,” Semetkovský said.
Meanwhile, Primoco UAV, which receives no loans or subsidies, continues to invest in innovation and certification. During the first half of the year, its One 150M aircraft was the first in the world to pass strength tests demonstrating its durability and structural operational safety. So far, only manned aircraft have undergone similar full-scale testing. In the process of certification according to the internationally valid NATO standard STANAG 4703, Primoco UAV has thus continued the professional verification of engine characteristics, which the aircraft successfully passed at the end of last year. The certification will be completed by the issuance of a type certificate. Obtaining this type certificate will allow the aircraft to be exported to any NATO member country without the need to conduct type tests for each market separately.
At the same time, the company is moving towards a major expansion of its own capacity in the form of the construction of a new production, service and training centre. It has purchased 303,000 sqm of land in Písek for this purpose. In parallel, the project documentation and other documents required for the application for a building permit are being prepared. “To date, we have invested CZK 125 million in this key project, exclusively from our own resources. If all proceeds according to the plan and the construction work could start as early as next year,” said CEO of Primoco UAV. The new facility should enable the company to increase production from the current approximately 100 UAVs per year to 250 per year. Completion of the project, the cost of which is estimated at CZK 750 million, is scheduled for 2027.
