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%.
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
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
-
How taking a two-year career break could leave a £26k hole in your pensionCareer breaks are increasingly common but it is important to take steps to protect your pension, as gaps compound over time
-
Cash in on your attic: Thousands could be sitting dormant in your storageSelling your valuables at auction could be far more lucrative than you think. We take a look at how auctions work, and some tips to help you maximise your profits
