Fincantieri chief executive Giuseppe Bono is targeting a return to pre-Covid form later this year.

The Italian shipbuilding giant racked up hefty pandemic-related losses of €245m ($296m) in 2020.

Revenue for the 12-month period ending 31 December 2020 dropped 11% to €5.1bn.

But the Trieste-headquartered company believes revenue will rebound. It forecasts growth of 25% to 30% this year as work resumes on its massive order backlog.

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Fincantieri said that would be enough to enable the company to reinstate dividend payments from 2022.