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.
- 1 Video of Irish 'professional boxer' fighting Istanbul neighbourhood goes viral in Turkey
- 2 Novel Scarlett Johansson tried to ban, Grégoire Delacourt’s The First Thing You See, to be published in UK
- 3 A pint of water every day is the key to losing weight, scientists say
- 4 Russia 'accidentally reveals' number of its soldiers killed in eastern Ukraine
- 5 Carol Vorderman reveals she is 'covered in burns' after she fell off her treadmill while running naked
Dresden riots: Protesters in Germany attack refugee buses shouting 'foreigners out'
France train shooting: US soldiers speak of the moment they stopped gunman and 'beat him until he was unconscious'
Labour leadership: Jeremy Corbyn accused of 'deluding' young supporters with 'claptrap'
'Women only' train carriages: Jeremy Corbyn unveils radical move to tackle public harassment
Black holes are a passage to another universe, says Stephen Hawking
Iain Duncan Smith calls for urgent ESA overhaul as part of drive to cut down welfare costs
iJobs Money & Business
£13000 - £25000 per annum: Recruitment Genius: Would you like to be part of a ...
£20000 - £25000 per annum + competitive: SThree: Are you passionate about sale...
£25000 per annum + benefits: Ashdown Group: A large financial services company...
£20400 per annum: Ashdown Group: An established and highly reputable organisat...