By Ian Walker and Jaime Llinares Taboada
Meggitt PLC on Thursday reported a pretax loss for the first half of the year, although its underlying performance improved, and said its 6.3 billion-pound ($7.65 billion) takeover by Parker Hannifin Corp. remains on track for completion in the third quarter.
The UK engineering company booked a pretax loss of GBP6.5 million compared with a GBP33.6 million pretax profit a year earlier.
Underlying pretax profit–one of the company’s preferred metrics, which strips out exceptional and other one-off items–was GBP63.6 million compared with GBP48.4 million.
Revenue rose 21% to GBP821.0 million from GBP680.0 million.
Orders at June 30 stood at GBP996.9 million.
“We delivered a robust trading performance in the first half, with Group organic revenue up 11%, reflecting strong growth in our civil aftermarket and civil original equipment business, as well as a good performance in energy,” Chief Executive Tony Wood said.
Meggitt agreed to a takeover by Parker Hannifin last August and the deal is expected to complete in the third quarter of this year.
Write to Ian Walker at [email protected]
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Credit: www.marketwatch.com /