August 1, 2017 / 6:35 AM / 2 years ago

Britain's Meggitt on track to meet annual forecasts

LONDON (Reuters) - British auto and aircraft parts maker Meggitt (MGGT.L) reiterated its annual guidance for a 2 to 4 percent rise in organic revenue after it reported first-half results helped by currency moves and civil aerospace demand.

The group reported flat first-half organic revenue and a 7 percent rise in underlying operating profit, with the civil aerospace division offsetting a weak performance in energy and flat military revenue.

Its underlying operating margin fell to 18 percent, which it attributed to a second-half weighting of revenue and timing of research and development costs. It reiterated its full-year target 19.1 to 19.4 percent.

Reporting by Kate Holton; editing by Jason Neely

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