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.

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.

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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