Meggitt H1 profits rise as civil aerospace recovery continues

Meggitt posted a jump in first-half profit and revenue on Thursday as it said the recovery in civil aerospace continues.

Underlying pre-tax profit rose to £63.6m from £48.4m in the same period a year earlier, with revenues up 21% at £821m. Underlying earnings before interest, tax, depreciation and amortisation were ahead 21% at £140.1m.

Chief executive Tony Wood said: "We delivered a robust trading performance in the first half, with group organic revenue up 11%, reflecting strong growth in our civil aftermarket and civil original equipment business, as well as a good performance in energy. We ended the half with a group book to bill ratio of 1.23x.

"We are encouraged by the strong recovery in passenger demand for our civil business as airlines bring more aircraft into service and the improving prospects for defence as we come out of a period of significant destocking in the aftermarket."

Meggitt, which makes components and sub-systems for the aerospace, defence and selected energy markets, is currently in the process of being taken over by US-based Parker Hannifin in a £6.3bn deal.