Aerospace engineer Meggitt is “well placed” for recovery after it secured £1.7bn in revenue, in one of the toughest years for air travel.
Despite a revenue fall of £500m compared to last year, a spokesperson for Meggitt said that it remained “well placed” for recovery.
The vaccine roll-out, coupled with cabin fever, has provided Meggitt a supportive backdrop for recovery in terms of air travel demand.
Meggitt expect the growth in flight and passenger numbers in the civil aerospace sector to take time, as logistical challenges regarding the global vaccine roll-out are solved.
Shares in the plane parts supplier were up 1.85 per cent at lunchtime to 435p per share.
The group ended the year with less net debt than 2019, with estimated operating profits between £180m and £200m.
Trading across aerospace, defence and energy markets in the final quarter was in line with October trends, the group said.