Meggitt PLC said Friday it expects to deliver results for 2020 according to guidelines, and said Covid-19 vaccination programs will take time to go through to growth in air travel and subsequent activity levels.
The UK parts supplier for the aerospace, defense and energy markets said underlying operating profit for 2020 is expected to be in the middle of the previous management range of between 180 million and 200 million pounds ($ 246.4 million- $ 273.8 million) .
Revenue for 2020 is expected to be around GBP1.7 billion.
Meggitt said he expects a positive free cash flow, and that his net debt rate will be lower than the level recorded at the end of 2019.
The company said vaccination programs and pent-up demand for air travel should support recovery in civil aerospace this year, although supply challenges related to the distribution of the vaccine mean that the time passed.