Meggitt sees 2013 revenue growth

1st May 2013 07:10

Aerospace components engineer Meggitt said revenues grew modestly in the first quarter of 2013 and it continues to expect mid-single-digit revenue growth for the year.Growth is expected to accelerate in the second half, reflecting the anticipated recovery in civil aftermarket, it said.Meggitt delivered a positive set of results in 2012, despite a slowdown at its civil aftermarket and uncertainty around defence budgets worldwide, with revenue up 10% in the year.Civil aerospace and military businesses performed well, and the energy businesses jumped 45%, the FTSE 100 group explained. Proforma revenues, excluding the effect of mergers and acquisitions, grew by 6.0%. As a result, the group which provides high performance components and sub-systems for aerospace, defence and energy markets, achieved underlying profit before tax growth of 12%, and underlying earnings per share growth of 13%. Underling its confidence in future trading the full year dividend was raised by 12%.During the year Meggitt largely completed the integration of Pacific Scientific Aerospace, increasing its run-rate synergy target to $25m per annum by 2014. Meggitt said its financial position remains very strong, and expects further improvement driven by its focus on cash generation.CJ