Meggitt organic revenues jump 12%

Meggitt, the component maker for the aerospace, defence and energy industries, says a strong recovery in civil aerospace and energy has led to a significant rise in income.

In the first three months of the year revenues were 25% ahead of the same period of 2011; on an organic basis, which strips out acquisitions, both revenues and orders grew 12%.

MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

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

Meggitt says the integration of the Pacific Scientific Aerospace acquisition which completed in April, has gone well, with the synergy target being increased by 25% to a run-rate of $22.5m per annum by the end of 2014.

The results in both revenue and order growth are "in line with expectations" with Meggitt predicting full-year revenue growth "in excess of 10%", with organic growth at 6-7%.

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.