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%.

Underlying profits before tax came in 26% up on the prior year with earnings per shares growth of 15%.

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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%.

BS