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Meggitt sees fall in Q1 revenue as Covid-19 hits profit performance
StockMarketWire.com
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Meggitt has announced a 29% fall in group revenue for Q1 when compared with the same period last year, although admitted it is a 'sequential improvement on Q4 2020, where revenue was down 35%'.
In civil aerospace, both original equipment and aftermarket revenue were down 46%. Within civil aftermarket, business jet revenue was down 24%, outperforming large and regional jets which were down 53% and 51% respectively, the company said.
Defence revenue was 10% lower compared with a particularly strong first quarter in 2020, where revenue grew by 15%. Energy revenue was in line with the comparative period with other markets down 7%.
Cash performance in the first quarter was better than expected, the company said, driven by a lower outflow within working capital. During the period, Meggitt made a cash payment of £17 million in respect of the UK CFC regime pending appeals by the group and the UK Government.
Meggitt added that underlying operating profit is expected to be ahead of 2020, with the latest industry data highlighting risks to the downside compared with previous expectations in March and with profit heavily weighted to the second half.
At 9:35am: (LON:MGGT) Meggitt PLC share price was 0p at 376p
Story provided by StockMarketWire.com
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