Meggitt PLC (LON:MGGT) emphasised its organic revenue growth, measuring 9%, as it released its first-half results statement.
The engineering and defense company said the performance was driven by its civil aftermarket, military and energy units, albeit, the impacts of currency movements and divestments meant that the reported revenue figure actually declined by 1%.
It also highlighted the recent, early July, upgrade to the full year organic revenue growth forecast to between 4% and 6% - thanks to its first-half performance and strong order intake.
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Reported profit declined 37% from the preceding six-month period, reflecting what were described as lower gains from disposals, as well as mark-to-market adjustments.
Cash flow metrics, meanwhile, showed improvement – up 19% to £27.1mln – and the company decided to increase its dividend payment by 5%, to 5.3p per share.
"Trading in the first half was strong, with organic growth accelerating across our civil aftermarket, military and energy end markets,” said Tony Wood, Meggitt chief executive.
“Good progress has been made in the ongoing execution of our strategy in the first half. We have continued to sharpen the strategic focus of our portfolio and taken further steps in the delivery of our operational transformation.”
Wood added: “Looking forward, we remain well placed to deliver our 2021 targets to achieve an underlying operating margin of at least 19.9% and to deliver £200m of cash from increasing inventory turns from 2.3x to 4.0x”