LONDON (dpa-AFX) - Meggitt PLC (MGGT.L) reported that its first quarter Group revenue was down 29% against the comparative period. 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 Group said while first quarter revenue was broadly in line with its expectations, disruption to operations caused by the ongoing effects of the pandemic and lower productivity at two of earlier stage MPS sites in the US dampened profitability in the period.
For 2021, the Group now expects: revenue broadly in line with 2020 on an organic basis; underlying operating profit to be ahead of 2020; and positive free cash flow.
Copyright RTT News/dpa-AFX
© 2021 AFX News
