Safran reported strong Q1 sales figures with an organic growth reaching 10.2% yoy. The company has, however, been affected by a strong currency impact (-7.8%) and has started to include Zodiac’s contribution since the beginning of March (sales of €369m). The LEAP ramp-up phase is evolving well with 186 engines produced in Q1 18, enabling the group to target about 1,100 deliveries in 2018 (vs less than 500 in FY17). All in all, a good start to the year.