Meggitt profit up 12 pct on energy, areo growth
LONDON, March 5
LONDON, March 5 (Reuters) - British aircraft parts supplier Meggitt posted a better-than-expected 12 percent rise in full-year profit, driven by strong growth at its energy and civil aerospace businesses.
The company, which supplies flight displays and wheels to planemakers Airbus and Boeing, on Tuesday reported a 2012 pretax profit of 362.8 million pounds ($546.77 million) on revenues 10 percent higher at 1.60 billion pounds.
The company was expected to post an average 2012 pretax profit of 344.60 million pounds, according to a Thomson Reuters I/B/E/S poll of 13 analysts.
Meggitt increased the final dividend by 12 percent to 11.80 pence and said its order intake during the year was 1.64 billion pounds, giving a book-to-bill rate of greater than one.
The company said it expects to deliver mid-single digit organic growth in 2013.