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Britain's Meggitt on track to meet annual forecasts

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Britain's Meggitt on track to meet annual forecasts

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LONDON (Reuters) – British auto and aircraft parts maker Meggitt <MGGT.L> reiterated its annual guidance for a 2 to 4 percent rise in organic revenue after it reported first-half results helped by currency moves and civil aerospace demand. The group reported flat first-half organic revenue and a 7 percent rise in underlying operating profit, with the civil aerospace division offsetting a weak performance in energy and flat military revenue. Its underlying operating margin fell to 18 percent, which it attributed to a second-half weighting of revenue and timing of research and development costs. It reiterated its full-year target 19.1 to 19.4 percent.

(Reporting by Kate Holton; editing by Jason Neely)
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