Meggitt has reported that it received a 5% increase in orders between 2016 and 2017, rising from GBP1.99 billion (USD2.78 billion) to GBP2.08 billion over this timeframe.
The company’s end-of-year results, released on 27 February, showed that revenue was relatively in line with order intake, recorded as GBP1.99 billion in 2016 and GBP2.03 billion in 2017.
A number of strategic initiatives were put in place over the year to achieve these growths, the company said, including a focus on inventory reduction that released GBP16 million in cash, as well as a more centralised approach to purchasing that resulted in a 1% net saving on purchased costs.
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