Meggitt powers on as chairman steps down

Dassault Aviation's Falcon 5X (Source: Dassault)

Engineering firm for the aerospace industries, Meggitt, has reported strong growth in revenue and profits for 2019.

Sales soared by 9% to 2.27bn while profits before tax rose by 11% to 370.3m.

The news comes as the firm announces that Sir Nigel Rudd intends to step down as chairman and director of the company to spend more time on his business and other interests. Rudd, who has been with the firm since 2015, will remain as chairman until his successor is appointed, but will not seek re-election at the 2021 AGM. Guy Berruyer, senior independent director, will lead the search for his successor.

Rudd said:”It has been a privilege and a pleasure to serve as the chairman of Meggitt. Since 2015, we have focused on establishing Meggitt as a truly world-class, innovative, global aerospace, defence and selected energy business and I am very proud that in 2019 the company returned to the FTSE 100 index.

“It has been a pleasure to work alongside the Board and senior management team during this time to determine and deliver the Group’s vision and strategy, and lay the groundwork for future growth. I will work to ensure a seamless transition to my successor.”