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Meggitt says on track to meet upgraded revenue guidance

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By Reuters

LONDON (Reuters) – Meggitt <MGGT.L>, which makes wheels and brakes for aeroplanes, said it was on track to meet upgraded annual revenue guidance after a strong demand for parts from customers in the civil aerospace, military and energy sectors.

Meggitt posted organic revenue growth of 9 percent in its first-half period. In July, it raised its target for organic revenue growth to 4 to 6 percent from guidance given in February for it to rise 2 to 4 percent.

The company lifted its interim dividend by 5 percent to 5.3 pence to reflect its confidence in the future, but the positive outlook was dampened by its Meggitt Polymers & Composites (MPC) unit, which dragged on half-year profit.

“We remain focused on delivering further operational improvements at MPC and expect financial recovery to build through the second half and into 2019,” CEO Tony Wood said in a statement on Tuesday.

(Reporting by Sarah Young; editing by Costas Pitas)