March 4, 2014 / 7:25 AM / 4 years ago

Meggitt ups dividend as year profit rises 3 pct

LONDON, March 4 (Reuters) - British aircraft parts supplier Meggitt reported a 3 percent rise in annual profits, in line with forecasts, and said it would hike its dividend by 8 percent as a sign of confidence in its prospects for this year.

The company, which supplies flight displays and wheels to planemakers Airbus and Boeing, on Tuesday posted underlying pretax profit of 377.8 million pounds ($631.6 million) in 2013, in line with a company supplied forecast of 375 million pounds.

“As a sign of our continuing confidence in the prospects for the group, we are recommending an increase in the full-year dividend of 8 percent,” chief executive Stephen Young said in a statement.

The company said it planned to payout a total of 12.75 pence for 2013.

Annual revenue of 1.64 billion pounds, represented growth of 2 percent, in line with Meggitt’s downgraded forecast for the year.

Last November the firm had guided to revenue growth in the low single digits, behind the mid-single digit percent revenue growth it had estimated in August, blaming production problems in the U.S.

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