Strong aerospace demand lifts Meggitt’s first-half revenue

(Reuters) -British aircraft parts supplier Meggitt Plc reported a 21% rise in its first-half revenue on Thursday, as planemakers ramped up their production to serve post-pandemic recovery in air travel.

The London-based company, which supplies to both civil and military aerospace manufacturers including Boeing and Airbus, said revenue came in at 821 million pounds ($997.35 million) in the six-month period ended June 30, compared with 680 million pounds last year.

Its first-half underlying profit before tax rose 31% to 63.6 million pounds.

Still, major aerospace companies have sounded the alarm on their supply chains with shortages of raw materials and components crimping the industry’s ability to capitalise on roaring travel demand.

Meggitt, which agreed to a 6.3 billion pound buyout offer from U.S peer Parker Hannifin Corp, reaffirmed its plan to close the deal by third quarter of 2022 after winning the approval of the European Commision and UK’s antitrust earlier this year.

Smaller rival Senior Plc stuck to its full-year forecast earlier this week, reflecting higher production of narrow-body jets, U.S defence demand and a recovery in wide-body jet production for long-haul routes expected towards the end of the year.

($1 = 0.8232 pounds)

(Reporting by Eva Mathews in Bengaluru; Editing by Sherry Jacob-Phillips)