British company Meggitt warns of distribution problems affecting its revenue and profits.

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In an attempt to acquire British aerospace engineer Meggitt Plc on Thursday announced a decline in annual sales and profits due to supply chain problems and weak defense markets.

The company, which agreed to be acquired by Parker-Hannifin in a £ 6.3bn deal, expects global supply disruptions it experienced in the third quarter to continue into the fourth quarter.

Revenue is expected to be 5% lower on an organic basis by 2021 and the base operating profit will be 17 170 to மில்லியன் 190 million ($ 261.04 million). It reported 2020 revenues of £ 1.68 billion and base operating profit of £ 190.5 million.

As U.S. customers cut purchases, Defense Department revenue fell 12% in the first three months of September, while the time between orders and deliveries also increased in the supply chain, he said.

However, Meggitt is showing signs of recovery in its civilian aerospace business, with quarterly revenue rising 29% due to an increase in air travel. ($ 1 = 7 0.7279) (Report by Yadarisa Shapong Bangalore; Editing by Vinay Dwivedi and Anil D’Silva)

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About the Author: Cory Weinberg

Cory Weinberg covers the intersection of tech and cities. That means digging into how startups and big tech companies are trying to reshape real estate, transportation, urban planning, and travel. Previously, he reported on Bay Area housing and commercial real estate for the San Francisco Business Times. He received a "best young journalist" award from the National Association of Real Estate Editors.

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