It became the latest in a long list of British companies reporting a significant hit from the recent strength of sterling, warning that exchange rates would likely continue to be a drag in the second half of the year.
The aerospace, defence and energy sector engineer reported a pretax profit of
"Performance in the first half was mixed, with very strong orders but weaker than expected military revenue. group revenue was lower due to the well-trailed impacts of currency, disposals and an unusually high second-half weighting this year, which also impacted our margin," Chief Executive
Meggit said continued growth in its civil aerospace markets was offset by a
Despite the weak trading in the first half,
"Orders growth of 9%, including 17% growth in civil aftermarket orders, gives us confidence in a good second half organic revenue and margin recovery, although currency will remain a drag," Young said.
The company raised its interim dividend to
Separately, the company said Tuesday that its safety systems business has won a contract from
Most Popular Stories
- PBS Series Examines America's Demographic Shift
- Tim Cook Has Proved That Apple is His Baby
- Royals Beat A's in 12-inning Wild Card Thriller
- Construction Spending Down Again for August
- Texas Sees Gains in Hispanic College Enrollment
- Americans Bet Big on Gambling Industry
- California's Ban on Plastic Bags: What Now?
- Petri Likely Broke House Ethics Rules
- Exxon Gives Nod to Fracking Risks
- Morgan: 'Can't Believe' Wal-Mart Blaming Him