Meggitt on track, sees stabilisation

30th Oct 2009 07:14

Aerospace and defence systems group Meggitt is trading in line with expectations and said it has seen signs of stabilisation. In the last four months the group said it seen signs of stabilisation in the key macro drivers of its civil aftermarket, namely, air traffic and the number of landings made by the business jet fleet. Although its civil customers continue to destock, better than expected progress in its cost reduction programmes has mitigated substantially the impact of the civil downturn on margins. 'The lower cost base, together with our large installed fleet, sole source positions and sound financial position, leave us well placed to benefit when economic conditions improve,' said the group.