Meggitt boosted by aerospace revival
Nikhil Kumar is The Independent's New York correspondent. He was formerly assistant editor on the foreign desk and has also done a variety of jobs on the city desk, where he wrote about markets, commodities and other business and economics topics.
Wednesday 03 August 2011
The recovery in the commercial aerospace market helped the aircraft parts supplier Meggitt post better than expected profits yesterday.
The company said underlying pre-tax profits had climbed to £146.2m in the first six months of the year, surpassing market hopes of £135m. The jump came as revenues soared by 18 per cent to £649.8m, against £549.7m in the same period last year. The driver was Meggitt's key civil aerospace business, which accounts for 45 per cent of the company's revenues.
Drawing steam from the revival in the demand for commercial aircraft, the division saw an 18 per cent growth in sales to £267.2m. "A good chunk of the civil growth is to do with the production of new aircraft but we also expect to see a recovery in the business and regional jet market," Meggitt chief executive Terry Twigger said.
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