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Meggitt sees 2013 revenue growth

Aerospace components engineer Meggitt said revenues grew modestly in the first quarter of 2013 and it continues to expect mid-single-digit revenue growth for the year.

Aerospace components engineer Meggitt said revenues grew modestly in the first quarter of 2013 and it continues to expect mid-single-digit revenue growth for the year.

Growth is expected to accelerate in the second half, reflecting the anticipated recovery in civil aftermarket, it said.

Meggitt delivered a positive set of results in 2012, despite a slowdown at its civil aftermarket and uncertainty around defence budgets worldwide, with revenue up ten per cent in the year.

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Civil aerospace and military businesses performed well, and the energy businesses jumped 45%, the FTSE 100 group explained.

Proforma revenues, excluding the effect of M&A, grew by 6%. As a result, the group which provides high performance components and sub-systems for aerospace, defence and energy markets, achieved underlying profit before tax growth of 12%, and underlying EPS growth of 13%.

Underling its confidence in future trading the full year dividend was raised by 12%.

During the year Meggitt largely completed the integration of Pacific Scientific Aerospace, increasing its run-rate synergy target to $25m per annum by 2014.

Meggitt said its financial position remains very strong, and expects further improvement driven by its focus on cash generation.

CJ

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