Aviation part maker Meggitt reported 5% growth in revenue for Q1 of 2022

Meggitt PLC reported 5% growth in revenue for the first three months of 2022, driven by strong sales in its civil aerospace business but said the recovery in its market remains “uneven”.

Compared with the first quarter of pre-pandemic 2019, revenue was down 23%, the aircraft parts maker said in a trading update.

Meggitt is the subject of a £6.3bn takeover offer from US peer Parker Hannifin. The proposed acquisition was cleared by the European Commission earlier this month and is expected to complete in the third quarter of 2022.

In civil aerospace, revenue grew 25% in the first quarter with original equipment and aftermarket revenue up 11% and 37% respectively.

Civil order intake in the first quarter was up 116%, reflecting the civil recovery.

Meggitt said the recovery in civil aerospace continues to be uneven, due to the “lingering effects of the pandemic and extended lockdowns in China and continued labour and supply disruption”.

The group has taken steps to support its supply chain.

Defence revenue fell 16% in the first three months, reflecting the continued effects of inventory destocking and weaker ordering from the US Defence Logistics Agency in the aftermarket.

Energy revenue was up 27%, with particularly strong growth in the Heatric business, Meggitt said.