Meggitt FY profit falls 3%

2nd Mar 2010 08:01

Aerospace and defence systems group Meggitt posted a 3% dip in annual operating profit but expects to return to growth in the second half of 2010.The company, which makes flight display systems for Airbus and Boeing, said operating profit fell to £286.2m from £296.4m previously. Revenue fell to £1,150.5m for the year ended 31 December 2009 from £1,162.6m the year before. Increased military sales and currency effects offset impact of economic downturn on civil aerospace revenues, the group said."Based on current market indicators and at constant exchange rates, the group expects a relatively flat first half and to return to growth in the second half of 2010," said chief executive Terry Twigger in a company statement.Meggitt said it was on track to meet or exceed 2011 savings target of £50m with £34m savings already achieved in 2009.Net debt was reduced by 23% to £808.6m and the final dividend has been maintained at 5.75p.