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Meggitt expects 2020 results to be in line with guidance
StockMarketWire.com
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Meggitt said it expects to deliver full year results for the group in line with guidance and that with the vaccine rollout it remains well placed for a recovery in 2021.
The UK supplier of aerospace, defence and energy markets said it expects underlying operating profit to be in the middle of the £180 million to £200 million range for the full year 2020, subject to audit.
It said it expects group revenue to be £1.7 billion and group free cash flow to be positive.
The group said: The recent launch and roll-out of vaccines, coupled with pent-up demand for air travel, provides a supportive backdrop for the recovery in civil aerospace in 2021.
However, given the logistical challenges associated with a global vaccine roll-out, we expect this positive development will take time to feed through into growth in flight and passenger numbers and aftermarket activity levels.
As a result of the work we have done in 2020 to reposition the group and our diverse end market exposure across civil aerospace, defence and energy, we remain well placed for the recovery.
Its full year results will be released on 4 March 2021.
Story provided by StockMarketWire.com
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