Meggitt maintains forecasts despite cuts in US military spending

(Source: Getty)

Meggitt, manufacturer of aircraft components for firms including Airbus and Boeing, has released a statement for the period from 1 January to 30 April (release). The firm hasn't reduced forecasts despite falls in US military expenditure.

Chairman Sir Colin Terry is due to say the following at the firm's AGM:

The Group delivered further good growth in 2012 despite a slowdown in our civil aftermarket and uncertainty around defence budgets worldwide. Revenues grew 10% in the year, with the civil aerospace and military businesses performing well, and the energy businesses growing by an impressive 45%.

The financial position of the Group remains very strong, and we expect further improvement driven by our ongoing focus on cash generation.