Meggitt Q3 Group Revenue Rises 5%

Meggitt plc (MGGT.L) reported a 5% growth in its third-quarter group revenue, largely reflecting the trends seen across its end markets.

Civil aerospace revenue grew by 29% in the period, with Civil OE up 10% and strong aftermarket growth of 44%. Sequentially, Civil OE and Civil aftermarket revenue rose by 4% and 12%, respectively.

Meanwhile, Defence revenue was 12% lower, reflecting a reduction in orders from the US Defense Logistics Agency and longer lead times in the supply chain.

The company further stated that it is making good progress with the transition to Ansty Park, with customer approvals scheduled for the fourth quarter.

For the full year, the company now expects to reported revenue around 5% lower than 2020 on an organic basis, underlying operating profit to be in a range of £170 million - £190 million, and positive free cash flow.

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