Meggitt reports double-digit profit growth in 2011

Meggitt revenue up 25% - financial highlights for 12 months ended 31-Dec-2011:

• Revenue: GBP1455 million, +25% year-on-year;
  • Civil aerospace: GBP665.6 million, +35%;
• Operating profit: GBP262.5 million, +19%;
• Net profit: GBP184.9 million, +33%;
• Total assets: GBP3986 million, +20.7%;
• Cash and cash equivalents: GBP94.6 million, +82.3%;
• Total liabilities: GBP2193 million, +17.7%. [more - original PR]

Meggitt: "The outlook for our civil markets is encouraging. Production of large jets and regional aircraft are expected to continue to grow in 2012 and we expect a return to growth in business jet deliveries. Growth in air traffic and business jet utilisation is expected to continue on the back of the recovery seen in 2010 and 2011 at an average rate of 5% per annum, providing good momentum for our civil aftermarket revenues. We therefore maintain our view that civil OE revenues will grow at an average of 7 to 8% and civil aftermarket revenues at an average of 8 to 9% over the next five years." Source: Company statement, 06-Mar-2012.