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The Business Magazine July 2024
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Coventry based Meggitt performs well in first quarter

The Business Magazine article image for: Coventry based Meggitt performs well in first quarter
22 April 2022

Meggitt PLC, the leading Coventry-based company specialising in high performance components and subsystems for the aerospace, defence and energy markets has revealed its first quarter of 2022 trading performance.

Group civil order intake in the quarter was up 116 per cent reflecting the civil recovery and a weak comparator in Q1 2021, with original equipment up 54 per cent and aftermarket up 176 per cent, including a strong performance from braking systems across large, regional and business jets.  

In the first quarter, Group revenue was up five per cent on an organic basis against the comparative period in 2021 reflecting the recovery in civil aerospace, as well as in energy.

In civil aerospace, revenue grew 25 per cent.  Within civil aftermarket, regional jet revenue was up 65 per cent.

Defence revenue was 16 per cent lower compared with the same period last year reflecting the continued effects of inventory destocking and weaker ordering from the US Defence Logistics Agency in the aftermarket.  Energy revenue was up 27 per cent.

The company said it is pleased with the strengthening of conditions in the quarter. "However, the recovery in civil aerospace continues to be uneven, demonstrated by the lingering effects of the pandemic and extended lockdowns in China and continued labour and supply disruption. We have taken a series of steps to support and engage with our supply chain and have plans in place, which we will continue to adapt as the situation evolves."

Earlier this month, the European Commission cleared the proposed acquisition by Parker-Hannifin, conditional on full compliance with commitments offered by Parker, including divestment of Parker's Aircraft Wheel and Brake division.  The transaction is still expected to complete in the third quarter of 2022.

 


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Nicky Godding is editor of The Business Magazine. Before her journalism career, she worked mainly in public relations moving into writing when she was invited to launch Retail Watch, a publication covering retail and real estate across Europe.

After some years of constant travelling, she tucked away her passport and concentrated on business writing, co-founding a successful regional business magazine. She has interviewed some of the UK’s most successful entrepreneurs who have built multi-million-pound businesses and reported on many science and technology firsts.

She reports on the region’s thriving business economy from start-ups, family businesses and multi-million-pound corporations, to the professionals that support their growth and the institutions that educate the next generation of business leaders.

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