Meggitt profits rise seven per cent due to aerospace boost

 
Suzie Neuwirth
DEFENCE equipment and aircraft parts maker Meggitt yesterday posted a seven per cent lift in half-year profits to £182.4m, thanks to particularly strong performances in its civil aerospace and energy divisions.

The FTSE 100-listed firm, which provides flight displays and wheels for Airbus and Boeing aircraft, reported a four per cent increase in total revenues to £810.1m, in line with most analysts’ expectations.

Its civil aerospace division saw its revenues jump 15 per cent to £152.5m, thanks to planemakers ramping up production to record levels. Energy revenues grew 22 per cent over the first half, but military revenues fell one per cent, impacted by defence budget cuts.

Full-year guidance remains unchanged and the dividend has been increased by 10 per cent “as a sign of our continuing confidence in the prospects for the group,” said chief executive Stephen Young.

Meggitt also announced two new contracts yesterday, for Sikorsky helicopters and Irkut jets.

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