Your North East BusinessLive round-up: Leonardo's Newcastle move and Cairn Group's record turnover

Latest news from BusinessLive Read in browser by Tom Keighley Fri, Feb 17, 2023 BusinessLive Writer Defence giant Leonardo's vote of confidence in Newcastle This week Italian defence and security tech firm Leonardo announced the creation of 200 jobs in Newcastle. The maker of helicopters and radar

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by Tom Keighley    Fri, Feb 17, 2023 BusinessLive Writer

Defence giant Leonardo's vote of confidence in Newcastle  This week Italian defence and security tech firm Leonardo announced the creation of 200 jobs in Newcastle.  The maker of helicopters and radar equipment for the Ministry of Defence chose the city's Helix site as its eighth UK base as CEO Clive Higgins hailed Geordie skills as a major pull. And the firm has already said it could expand its fifth floor office in The Spark building, where its data scientists, systems and software engineers and analytics experts will work on research and development projects including its involvement in Global Combat Air Programme - a joint initiative involving the UK, Italy and Japan to produce a sixth generation fighter jet by 2035. Leonardo's Newcastle neighbours include the MoD-backed Defence Science and Technologies Laboratories (DSTL), which it works "hand in glove" with on a range of projects. It is hoped the firm could win more work through the UK's New Medium Helicopter programme. Inward investment agency Invest Newcastle helped bring Leonardo to the city and the organisation's director Jennifer Hartley said the base, alongside the newly established DSTL and Rafael's acquisition of Pearson Engineering and Responsive Engineering last year, meant there was now a defence cluster that could attract other players. BusinessLive spoke to Mr Higgins on his visit to the city this week. You can read more about what he had to say here.

More North East business news Luxury homeware firm Rowen Homes to open Metrocentre store Construction innovator Merit eyes growth after year of record revenues and major contract wins Steelcraft relocates to new premises following £400k injection from new owners North East business life: charity, community and award events in the region Blueocto web agency seeks growth after sealing five-figure investment​​​​​​​

Turnover tops £100m at hospitality operator Cairn Group Hotel, bar and restaurant operator Cairn Group has reported a rapid return to profitability thanks to bumper trading.  The property owner counts Newcastle's Station Hotel, the Hilton Doubletree near Newcastle Airport and Jesmond's Sohe restaurant among its portfolio. Sales at the group topped even pre-pandemic levels of 2019 and last year's operating loss of £7.5m was converted to a profit of £16.4m in the year to the end of April 2022.  Cairn's success comes despite cost inflation - including energy overheads - and recruitment challenges which have put pressure on the hospitality industry just as recovers from the massive impact of Covid restrictions.  The group said its own recovery had come quicker and better than had been anticipated, suggesting customers still had disposable income to spend.  You can read more about Cairn Group's peformance in this story from BusinessLive's Coreena Ford.

More news from across the BusinessLive network Wilko cutting equivalent of 400 jobs in 'fight for survival' Boohoo share price collapse forces £175m bonus plan rethink Flybe to be wound down as administrators end hunt for buyer Yorkshire housebuilder MJ Gleeson sees profits fall amid market slowdown Hargreaves Lansdown profits up despite market turbulence

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