(Alliance News) - Meggitt PLC on Thursday warned that the pace of recovery for the business in the second half of 2021 is expected to be "slightly softer" than first thought.
The Coventry, England-based aerospace and defence firm said first quarter revenue was down 29% on a year-on-year organic basis. The decline slowed from the fourth quarter's 35% annual drop. Despite the decline, Meggitt said the performance was "broadly in line" with expectations.
Meggitt commented that the pandemic's effects had held back profit performance but that the underlying operating profit for the year was expected to be ahead of 2020. However, it warned on downside risks and said profit is heavily weighted to the second half of the year.
Meggitt's domestic jet and cargo businesses were a sign for optimism despite significant Covid disruption, outperforming a weak international market.
Shares in Meggitt were down 1.7% at 458.10 pence in London on Thursday morning.
By Will Paige; willpaige@alliancenews.com
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