Defence budget cuts shrugged off by Meggitt

The aircraft parts maker Meggitt shrugged off uncertainty around defence budgets yesterday, saying it had grown revenues "modestly" so far this year.

Sir Colin Terry, the chairman, said Meggitt was forecasting "mid-single-digit" revenue growth this year, mostly thanks to an expected recovery in demand for after-market maintenance contracts – the overhauling of jets and engines.