Aerospace engineer Meggitt said that the ongoing aviation crisis due to the pandemic had continued to hold it back in the first quarter.
The FTSE 250 firm said that revenue was down 29 per cent for the period, with its civil aerospace division down 46 per cent so far this year.
However, it said that its revenue was showing signs of improvement, after being 35 per cent down last quarter.
But a combination of the pandemic and disruption at two of its sites in the US meant that its profit had come in lower than expected, it added.
Although the vaccine rollout was encouraging, Meggitt said that its recovery would be “slightly softer” than previously forecast.
It said that it predicted that revenue would be in line with 2020, but said profit would come in ahead of last year’s threshold.
“While the demand trends in civil aerospace in the first quarter are expected to continue throughout the rest of the first half, we continue to anticipate and plan for a progressive recovery in civil aerospace activity levels throughout the third and fourth quarters as passenger confidence grows,” the firm said in a statement.