Meggitt sticks to annual guidance, says cost cutting on track

LONDON, April 19 (Reuters) - British engineering company Meggitt (Other OTC: MEGGF - news) stuck to its annual guidance for low single-digit rise in organic revenue, as growth in civil aerospace was offset by energy market weakness, and said it was making good progress with a cost-cutting plan.

Meggitt, whose wheels, brakes and electronic systems are used in commercial and military planes, said last October it would shed jobs after warning that 2015 profit would come in below expectations.

The company said on Tuesday that it would cut 400 jobs by the end of the first-half of the year, in line with its plan.

(Reporting by Sarah Young, Editing by Paul Sandle)