Energy business boosts Meggitt

Defence equipment maker Meggitt this morning said it expects “mid single digit” growth in 2013, following strong growth in its energy business.

Meggitt, which makes componenents for the aerospace, defence and energy markets, said the strong orders in its energy business had offset the “continued softness” in civil aerospace revenues.

The FTSE 100 company, which forecasts revenue growth for 2012 of 10 per cent, said it was starting to see the effects of the drawdown from Iraq and Afghanistan impacting military revenues.

“Against this backdrop we were pleased that our third quarter organic revenues were in line with our exceptionally strong performance in the same period last year,” Meggitt said this morning.