Plus   Neg

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
Amazon.com, Inc. can be held liable for damages caused by defective goods sold on its Marketplace including third parties, according to a ruling by a California appeals court. The California Fourth District Court of Appeals was pronouncing the ruling in a case where a defective replacement laptop battery caught fire and inflicted a woman with third-degree burns. Facebook has launched "Voting Information Center" on Facebook and Instagram platforms, with a view to boosting the number of Americans vote in the upcoming U.S. presidential election in November. The social media giant's latest initiative is expected to help 4 million voters register this year, and help them navigate a 'confusing election process'. Epic Games Inc., the developer of popular game Fortnite, has filed lawsuits against both Apple Inc. and Google after they removed the game from their app stores. The development reflects disputes related to app store fee the tech giants take from each purchase. Epic Games, which has been against the 30 percent revenue cut the two tech giants take from paid apps, added a direct payment option.
Follow RTT