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.

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

Recommended

Why it pays to face up to your investment mistakes
Investment strategy

Why it pays to face up to your investment mistakes

Buying stocks can be a complicated business. But selling stocks can be tricky, too – even if you sell for the right reasons. Max King explains how to …
17 Sep 2021
Share tips of the week – 17 September
Share tips

Share tips of the week – 17 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
17 Sep 2021
Royal Mail will deliver for investors – here's how to play it
Trading

Royal Mail will deliver for investors – here's how to play it

Royal Mail Group has found its feet in the past 18 months and looks cheap. Matthew Partridge looks at how to trade the shares.
14 Sep 2021
The times may be changing, but don’t change how you invest
Small cap stocks

The times may be changing, but don’t change how you invest

We are living in strange times. But the basics of investing remain the same: buy fairly-priced stocks that can provide an income. And there are few be…
13 Sep 2021

Most Popular

The times may be changing, but don’t change how you invest
Small cap stocks

The times may be changing, but don’t change how you invest

We are living in strange times. But the basics of investing remain the same: buy fairly-priced stocks that can provide an income. And there are few be…
13 Sep 2021
Two shipping funds to buy for steady income
Investment trusts

Two shipping funds to buy for steady income

Returns from owning ships are volatile, but these two investment trusts are trying to make the sector less risky.
7 Sep 2021
Should investors be worried about stagflation?
US Economy

Should investors be worried about stagflation?

The latest US employment data has raised the ugly spectre of “stagflation” – weak growth and high inflation. John Stepek looks at what’s going on and …
6 Sep 2021