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Meggitt warns on profits after energy business slumps

Reuters - UK Focus

LONDON, Oct (HKSE: 3366-OL.HK - news) 28 (Reuters) - British engineering firm Meggitt said its full-year underlying operating profit would be "meaningfully" below forecasts due to weak demand in its energy division, prompting the group to look for further job cuts.

The company, which generates half its revenues from supplying parts for commercial aircraft, said trading in the third quarter was below its expectations due to weaker than expected trading in its energy, military and civil aftermarket divisions which resulted in an organic decline of 1 percent.

The group said it was considering cutting around 300 people from its workforce due to the challenging trading conditions in its energy business, which fell 16 percent in the third quarter.

Additionally, it said lower volumes and a number of programme deferrals announced by customers had also impacted its margins.

(Reporting by Li-mei Hoang; editing by Kate Holton)