Aerospace bolsters Meggitt profit

2nd Aug 2011 08:29

Strong growth particularly in its aerospace division helped engineering group Meggitt report robust profit growth in the first half of its financial year. The group, which specialises in high performance components and sub-systems for the aerospace, defence and energy markets, said pre-tax profit surged 66.3% to £112.2m in the six months ended 30 June 2011. Revenue rose to £649.8m during the period compared to £549.7m the year before.Meggitt, which bought Danaher's business PacSci earlier this year, said it was upbeat about the acquisition's possibilities. Chief executive Terry Twigger commented, "The group delivered 13% organic revenue growth at constant exchange rates was driven mainly by our civil markets. We are delighted with the PacSci acquisition, which is a great fit with Meggitt and brings exciting new capabilities to the group." Meggitt increased its interim dividend by 12% to 3.20p and said it is well positioned for further good growth especially in the civil aerospace market.In London shares of Meggitt rose 0.13% at 387.10p at 9:07am.---CJ