Meggitt FY profit lower, sees sales rising in 2016

Engineering company Meggitt (MGGT.L) reported a 6 percent fall in annual profits on lower demand for some types of aircraft component and weakness in its energy unit, and said it expected low single digit revenue growth in 2016.

Meggitt posted underlying operating profit of 325.5 million pounds for 2015, compared to the 346 million pounds it made last year, and broadly in line with a company-supplied consensus forecast of 327 million pounds.

The British company, whose wheels, brakes and electronic systems are used in commercial and military planes, said organic revenue would grow this year, despite ongoing weak demand for valves from oil and gas customers.

It said job cuts announced last year would help offset difficulties in its aerospace unit. The company downgraded its profit outlook last October, as it sold fewer of the parts used on older types of planes, a business where it makes higher margins.

((Reporting by Sarah Young, Editing by James Davey))