(Reuters) -French drone maker Parrot reported a rise in its first-quarter revenue on Thursday, propelled by a surge in European and global defence budgets.
The company, which makes lightweight drones and mapping software, reported first-quarter revenue of 18.4 million euros ($20.6 million), 17% higher from the same period a year earlier.
The sales increase was supported by a strong performance at its professional microdrones division, which generates 57% of the group revenue.
Sales in this segment, which grew 13% from the same period a year ago, were buoyed by strong demand in several international markets, including North America, the UK and Japan.
Parrot exited the consumer drone market in 2021 and since then designs and sells small drones and mapping software for corporate and government clients.
Its client base includes the British Royal Airforce, the U.S. Army, the French Armed Forces, the Belgian Defence Force, the Counter Terrorist Operations Center of the Royal Thai Armed Forces, and the Japanese Ground Self-Defence Force.
Along its full-year 2024 results in March, the group said it was planning on capitalising on increasing defence budgets in its key markets, echoing remarks by French underwater drones maker Exail and supplier of night-vision systems to NATO, Exosens.
($1 = 0.8937 euros)
(Reporting by Anna Peverieri; Editing by Christopher Cushing and Mrigank Dhaniwala)
