Aerospace systems engineer Meggitt (LON:MGGT) reported revenue increases across its civil, military and energy sectors on Thursday, sending shares up over 2 percent in early trading.
As a whole the group reported organic revenue growth of 6 percent for the first quarter, excluding the effects of foreign exchange and disposals.
Civil aerospace revenue grew 4 percent, with stronger growth in business jets offset by continued weakness in regional jets and reduced revenue on large jet platforms.
Military revenue increased by 2 percent organically, largely due to sales in its fighter jet division, and energy revenues grew by 39 percent organically, reflecting a weak comparator.
The group said it has made good progress on its recovery plan, and reaffirmed its guidance for organic revenue growth of between 2 and 4 percent.
The results come as Meggitt’s chairman Sir Nigel Rudd faces difficulties from his shareholders, who have concerns of “over-boarding”. Complaints have been raised that Rudd holds too many positions at other companies to dedicate enough time to the role of chair at Meggitt, with proxy adviser firm Institutional Shareholder Services (ISS) recommending in a report that shareholders vote against Rudd’s re-appointment.
