15th Nov 2016 07:57
LONDON (Alliance News) - Aerospace and defence components engineer Meggitt PLC on Tuesday said trading in the second half of 2016 has been in line with its expectations as it appointed a former Rolls-Royce Holdings PLC executive as its new chief operating officer.
Meggitt said its constant currency, organic revenue growth in the third quarter to the end of September was 6.0%, ahead of its expectations. Including translation benefits from the weak pound and contributions from acquisitions, revenue in the quarter rose 28% year-on-year.
Civil Aerospace organic revenue grew 9.0%, the company said, while Military organic revenue was up 6.0%. A soft energy market continued, however, meaning revenue from Meggitt's Energy division was down 8.0%.
Overall, the group said it remains on track for 2016.
"Current trading is in line with our expectations and, having increased shipset content on key growth platforms, we are confident that we are well positioned to deliver organic revenue growth ahead of our end markets over the medium term," said Stephen Young, Meggitt's chief executive.
Separately, Meggitt said it has hired Tony Wood as its COO, effective from December 1. Wood previously had been president of the Aerospace business at FTSE 100 engineer Rolls-Royce.
By Sam Unsted; [email protected]; @SamUAtAlliance
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