Meggitt Expects Group Organic Revenue To Be 30% Lower In Q2 - Quick Facts

Meggitt PLC (MGGT.L) said it expects group organic revenue to be about 30% lower in the second quarter.

The company's defence business, which represented 36% of Group revenue in 2019, continued to perform solidly during the second quarter after a very strong first quarter and against a tough comparative (Q2 2019 growth of 10%). Energy revenue is expected to be "somewhat softer, with strength in LNG markets more than offset by declines in the power generation and oil sectors."

Group revenue in the first half is expected to be about 15% lower than in the first half of 2019 on an organic basis, with growth in Defence more than offset by lower revenues in both civil aerospace and Energy.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
When Can We Expect Starlink to Go Public? This question got an answer from Tesla and SpaceX CEO Elon Musk, who said he will only publicly list SpaceX's satellite internet service Starlink when its revenue is more predictable. Musk was responding to a users tweet, "Any thoughts on Starlink IPO we would love to invest in the future. Any thoughts on first dibs for Tesla retail investors?" John David McAfee, who founded the antivirus software company McAfee Associates, has been found dead in a prison cell in Spain shortly after a Spanish court agreed to extradite him to the US to face tax evasion charges, multiple reports said. He was arrested in Spain in October 2020 after being accused of failing to file tax returns for four years. While reporting financial results for the first quarter of fiscal 2022 on Thursday, drugstore chain Rite Aid Corp. (RAD) initiated its adjusted loss and total revenue guidance for the full-year 2022, below analysts' estimates. For fiscal 2022, the company now projects an adjusted loss in a range...
Follow RTT