Meggitt sales rise as aircraft parts firm hopes to benefit from demand for private jets in Asia
Aircraft parts firm Meggitt hopes to benefit from a lust for private jets among wealthy clients in Asia, after reporting rising sales and lifting its divi.
Pre-tax profit fell 4 per cent to £269.4million but would have been slightly up if not for a £20million hit from production problems in the US, which have now been resolved.
Sales were up 2 per cent to £1.64billion and chief executive Stephen Young increased the dividend 8 per cent to 12.75p, thanks to growing optimism about Meggitt’s prospects.
Flying high: Meggitt makes aircraft parts, including wheels and braking systems
Meggitt makes aircraft parts, including wheels and braking systems, and stands to benefit from a flurry of new energy efficient aircraft being built by major customers such as Airbus and Boeing.
Young said he was also expecting a rise in Asia business jet travel if China opens up more airspace to private planes.
‘It’s when rather than if China opens up its airspace to business jets,’ he said.
He said only about 150 private jets were operational in China and ‘by any stretch of the imagination it should have thousands’.
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