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Meggitt's revenue improves in Q3; predicts £200m profit for 2020
StockMarketWire.com
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Producer of components for aerospace, defence and energy, Meggitt, saw its top line performance slightly improve during the third quarter despite conditions in the global civil aerospace sector remaining weak.
Revenue was down 25% in the period compared with revenue down 30% in the second quarter. The company said this reflected the breadth of its end markets and the continued strong performance of its defence business and growth in energy. Group revenue for the first nine months of £1.3 billion - down 18% organically.
For the full year, Meggitt expect to deliver underlying operating profit between £180 million and £200 million, to be free cash flow positive in the second half, and cash flow neutral for the full year at the top end of the operating profit guidance range.
CEO Tony Wood said: 'While we remain alive to the challenges which COVID-19 continues to pose, we are encouraged by recent news on vaccine development and the positive implications for air travel. With diverse end market exposure, strong market positions, and having taken a range of decisive actions, we remain well placed for the recovery.'
At 8:01am: (LON:MGGT) Meggitt PLC share price was -51.9p at 323.4p
Story provided by StockMarketWire.com
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