Revenue for the British defence firm Meggitt was up a humble five per cent this morning as the company gears up for a US takeover.
Whilst this was a slight boost from the previous year, revenue was still down 23 per cent compared to pre-pandemic levels.
Meggitt stated that though it was pleased with the strengthening of conditions in the market, the recovery in civil aerospace continues to be “uneven” due to the pandemic and extended lockdowns in China.
Both factors have contributed to labour and supply disruption for the industry, but Meggitt stated that it had made provisions to ensure that these supply issues were limited.
More optimistically, regional jet revenue was up 65 per cent, with large and business jets up 40 per cent and 13 per cent respectively.
Meggitt notably supplies parts to both Boeing and Airbus, as well as brakes for military vehicles.
Energy revenue was also up 27 per cent, with particularly strong growth in the Heatric business.
The firm is set to be taken over by US firm Parker in a £6.3bn swoop, which is expected to complete later in the year.
Whilst regulators initially raised competition concerns because of Meggitt and Parker’s positions as key aerospace manufacturers, which supply aircraft wheels, brakes and aerospace pneumatic valves, Brussels recently gave the decision a green light.