Cost savings and sales lift Meggitt

BRITISH aerospace equipment supplier Meggitt said its orders jumped 15 per cent in the first-quarter compared to last year, indicating good growth perspectives for 2011.

The FTSE 250 firm reported its revenues were up 12 per cent, bolstered by a market recovery that was driven mainly by soaring civil aerospace orders.

“Within the period we saw double digit revenue growth in all market segments. We expect to deliver good organic growth in 2011 and we are well positioned for the long term,” the company said in its interim management statement.

The company, which earlier this year acquired a component business from US firm Danaher for $685m, said it had exceeded its cost savings target of £50m per year by the end of 2010 and had lifted its target to £57m by the end of 2011.

Shares in Meggitt, which have fallen eight per cent in 2011, rose two per cent to close at 352p yesterday, valuing the firm at more than £2.6bn.