The Denel Group, South Africa's State-owned defence company, has announced a stronger-than-ever order book. "Denel's order book of R32-billion is the strongest the company has had in its history," reported group CEO Riaz Saloojee on Friday. "These are contracts that will be executed in the next 10 to 15 years."

The group has developed strategic partnerships in the Middle East, South America and Asia. About half of its revenues now come from exports. "The business has become outward looking," he affirmed.

Saloojee was talking on Friday at the presentation of the group's results for the financial year 2013/14 - "a year that has delivered sustained growth across all our divisions. Today I can definitely report on a company that has entered a new growth era."

At the same event, outgoing Denel board chairperson Zoli Kunene described the results as "pleasing". He noted that "this is the fourth year running Denel has presented positive results". The company was showing a "strengthening balance sheet" and the results confirmed the correctness of the group's strategy.

"The board is satisfied that Denel is on a sustained long-term growth trajectory," he said. He added that the board continuously evaluated the group's business model to align it with government's development policy. "I am leaving the company in a great operational and financial condition."

Saloojee highlighted that the group was diversifying beyond the aerospace sectors. It was seeking to participate in the country's railway upgrade programmes. "Denel has also diversified into the space domain." Denel Aviation was now providing shore-to-ship helicopter services for Transnet, as well as maintaining the helicopters involved.

The group was also acquiring BAE Systems Land Systems South Africa. This deal, he pointed out, was not yet concluded and was at a sensitive stage.

"Denel has entered an exciting new era of growth," enthused Saloojee. "This is a good story to tell. It's undoubtedly on its way to further success."