Meggitt sales growing again as plane orders improve

Aeroplane parts supplier Meggitt returned to sales growth in the third quarter as orders improved, with a strong performance from its civil aerospace arm.

Meggitt, which supplies products such as flight displays and wheels to Airbus and Boeing, today said third quarter revenues grew 1% year-on-year, following declines of 10% and 2% in the first and second quarters.

Civil original equipment, maintenance and energy revenues grew in the quarter but military revenues were down.

"Revenues grew, continuing an improving trend and, together with the healthy order intake, gives us confidence that we will see further revenue growth in the fourth quarter and modest growth for the year," the company said.

Meggitt said third quarter order intake was up 17% on last year, when it was hit by destocking and cancellations, thanks to increases in all market segments except the military aftermarket.

It said order intake for the year so far was 7% ahead of last year. Civil orders were up more than a quarter, helped by an 18% rise in aftermarket orders, though military orders were down 8%, largely because of long-term contracts signed in 2009