Meggitt wins Black Hawk contract as profits surge
GLOBAL engineering group Meggitt – which has two West Midlands-based subsidiaries – has posted an impressive set of interim results with profit and revenue both significantly up.
And it has won two major contracts, one with Black Hawk helicopter manufacturer Sikorksy.
The firm – which specialises in high performance components and sub-systems for the aerospace, defence and energy markets – recorded revenue of £776m in the half year to June 30, a 19% increase on the 2011 figure of £649.8m.
Profit before tax for the same period was £168.5m, a 15% increase on the 2011 figure of £146.2m.
Chief executive Terry Twigger said: “The business delivered good top line growth in the first half, with particularly strong performances in the military and energy end markets.
“The work undertaken to reshape the group with the transformation programme over the last three years, enhanced by our ongoing focus on achieving world-class operations and programme management, leave us in excellent shape to continue to deliver good organic growth.”
Last month Dorset-headquartered Meggitt acquired Birmingham manufacturer Precision Micro – which employs more than 150 people – for an undisclosed sum.
Its other local company is Meggitt Aircraft Braking Systems in Coventry.
Meggitt has also announced two major contract wins. It has struck a $129m agreement with Sikorsky Aircraft for rotorcraft components. The five-year contract is for the manufacture of fuel tanks, ice protection equipment, composites and interiors.
It covers all Sikorsky’s production military rotorcraft, including the Black Hawk helicopter.
The firm has also been awarded a $100m-plus contract for more than 200 high-performance compact printed circuit heat exchangers (PCHEs).
The PCHEs will be for gas processing applications on Petrobras’ floating production, storage and offloading vessels in the Lula and Guará pre-salt fields in Brazil’s Santos Basin.