Aerospace supplier works to develop ventilators to tackle coronavirus

Aerospace supplier Meggitt, which is building a £130m HQ in Coventry, said it is leading a consortium of UK aerospace suppliers to develop and produce a ventilator to help tackle coronavirus.

The company said that in response to the UK Government’s request for additional medical ventilators, it is working to develop and produce, in large volumes, a ventilator that “meets their requirements for a rapidly manufactured ventilator”.

Meanwhile, the company, which also said it could not give earnings guidance for the remainder of the year due to the global economic situation, said it has implemented a series of measures in response to the impact of the outbreak on the aerospace sector.

Last month, the company posted a 33% rise in annual profit but warned the coronavirus outbreak and grounding of Boeing’s 737 MAX aircraft would dent its performance in 2020.

This morning, the company said that while the near term demand outlook for its products and services “continues to evolve and remains uncertain”, it has implemented measures to significantly reduce costs and manage its liquidity over the coming months.

“In light of the outbreak of the Covid-19 pandemic and its impact on the global economy and the wider aerospace sector, our focus in recent weeks has been on ensuring the safety of our employees and the continuity of our operating businesses worldwide,” the company said.

“Meggitt employs over 12,000 people globally across 42 sites and 10 countries.  In providing guidance and advice to our employees, we continue to follow World Health Organisation guidelines supplemented by input from the local authorities in the regions in which we operate.  We continue to review and update our advice on a daily basis as the situation develops.”

Giving an update on year-to-date trading, Meggitt said that despite a rapidly changing external environment, trading in January and February was in line with expectations.

Looking ahead, the company said: “At the current time, and in light of a highly fluid market and global macro-economic situation, it is too early to provide earnings guidance for the remainder of the current financial year.

“We have put in place a set of measures to tightly manage the business and navigate our way through these challenging times.  We will continue to monitor external events and manage the situation closely and will keep the market updated on developments as appropriate.”