Meggitt upgrades organic revenue growth forecasts

16th Oct 2018 07:53

(Sharecast News) - UK aerospace engineering company Meggitt increased its forecast for 2018 organic revenue growth to 7% - 8% from earlier guidance of 4% - 6% as demand across its divisions strengthened.The company said trading in the third quarter had been stronger than anticipated, with overall organic revenue growth of 6% driven by continued strong performance across the civil aerospace and defence market segments.Operating margins forecasts remained unchanged at the lower end of the 17.7% - 18% range.In civil aerospace, the construction of more large and business jets and fewer aircraft retirements fuelled demand for spare parts.In defence, Meggitt said demand for new parts and retrofitted fuel tanks boosted sales.