Meggitt inches up turnover for 2001
Meggitt inches up turnover for 2001Chris Druce
Meggitt Systems, the electronic sensor, aerospace and defence company, has reported a marginal increase in turnover for its electronics business in the year ending December 31, 2001.
Turnover increased by three per cent in the company’s electronics division to £107.4m, compared to £104.6m a year-ago. Operating profit dropped to £9.5m compared to £11.3m a year-ago, due to increased R&D costs and a slowdown in demand for high volume sensors in the automotive, mobile telecom and computing markets.
In December 2001 the company sold its electronic components business to Tyco for £16.2m, which leaves the electronic systems and electronic sensors businesses heading up the electronics division.
Despite this, the company said it remained committed to serving the aerospace, defence and electronic sensors markets.
Group turnover increased by 13 per cent to £425.1m, compared to £386m a year-ago. Operating profit before goodwill amortisation increased by £3.9m to £84.5m, compared to £80.6m a year ago.
“This is another excellent set of results both in terms of profits and strong cash generation,” said Terry Twigger, Meggitt’s group chief executive. “Our outstanding track record of converting profits to cash demonstrates the group’s fundamental strength and leaves it well placed for 2002,” said Twigger.