Meggitt expects recovery

Meggitt, which supplies flight displays and wheels to planemakers, reported a nine per cent rise in full-year underlying profit to £256m yesterday, boosted by strong growth at its civil aerospace and energy units. Revenue rose one per cent to £1.162bn, helping to fund a nine per cent dividend hike to 9.2p. The firm expects medium-term organic growth of between six and seven per cent.