August 7, 2018 / 6:23 AM / 14 days ago

Meggitt says on track to meet upgraded revenue guidance

LONDON, Aug 7 (Reuters) - Britain’s Meggitt, which makes wheels and brakes for aeroplanes, said it was on track to meet upgraded annual revenue guidance after a strong demand for parts from customers in the civil aerospace, military and energy sectors.

Meggitt posted organic revenue growth of 9 percent in its first-half period. In July, it raised its target for organic revenue growth to 4 to 6 percent from guidance given in February for it to rise 2 to 4 percent.

The company lifted its interim dividend by 5 percent to 5.3 pence to reflect its confidence in the future, but the positive outlook was dampened by its Meggitt Polymers & Composites (MPC) unit, which dragged on half-year profit.

“We remain focused on delivering further operational improvements at MPC and expect financial recovery to build through the second half and into 2019,” CEO Tony Wood said in a statement on Tuesday. (Reporting by Sarah Young; editing by Costas Pitas)

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