Meggitt revenue flat; CEO Stephen Young to retire

“The company has guided for 2% to 4% group organic revenue growth for the year” writes Ian Walker for Meggitt PLC (MGGT.LN) said Tuesday that organic revenue, which strips out currency movements and other one-off items, stayed flat in the third quarter, but affirmed that it remains on track to meet full-year guidance.Meggitt said that quarterly organic revenue stayed flat due to a slower ramp-up of new civil programs, which customers have indicated will continue into the fourth quarter, as well as the phasing of military orders and spares.The company, which specializes in high-performance components and sub-systems for the aerospace, defense and energy markets, also announced that Chief Executive Stephen Young will retire at the end of April.Young will step down from his role on that date, but will stay on with the company temporarily to ensure an orderly transition.

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