Meggitt down as currency headwinds bite
Aerospace and defence engineering firm Meggitt says it will deliver "low double digit organic growth" in the full year to December.
Aerospace and defence engineering firm Meggitt says it will deliver "low double digit organic growth" in the full year to December.
The company, which does not give precise figures for the third quarter, says its strong performance in the first half of the year has continued.
We know from its half yearly statement that, as of the end of June, pre tax profits were £112.2m on revenues of £649.8m.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
There are a few storm clouds however, notably what the firm describes as "currency headwinds" caused by the appreciation of the Swiss Franc, this is likely to hit income by £16m.
For 2012 Meggitt says it will generate revenue growth of 10%.
Shares in the firm were down 2.31% in early trading.
BS
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
How to save the dying UK stock market
The UK stock market is in long-term decline. To fix that, we must first recognise why equity markets exist and who they should serve
By Bruce Packard Published
-
Has Javier Milei succeeded in improving Argentina's economy?
Javier Milei won an election last year on an “anarcho-capitalist” platform, promising to take a chainsaw to the overbearing and bloated state. How’s it going?
By Simon Wilson Published