Avionics and systems manufacturer Meggitt more than offset a decline in the civil market through growth in the military sector during the first half of 2003, helping it achieve 5% growth in pre-tax profits to £35 million ($55 million), writes Victoria Moores.
Meggitt's aerospace division saw turnover increase by 3% to £152 million, compared with last year's first-half figure of £148.1 million.
This reflected the growing importance of defence activities to the group. The civil aerospace market now accounts for 37% of turnover from continuing operations, compared with 41% at the same time last year. Military turnover now accounts for 39% of the total.
However, the company remains optimistic about its performance in the civil market. "Despite the adverse effects of both the SARS epidemic and the war in Iraq on airline capacity, demand for civil aftermarket products in the first half continued to run at the same rate as the second half of 2002," it says.
Source: Flight International
