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Markets News

Meggitt cancels dividend after first-half profit slumps 37%

Sept 8 (Reuters) - British aerospace supplier Meggitt said on Tuesday it would not pay an interim dividend to preserve cash to weather the coronavirus crisis, after reporting a 37% fall in first-half profit as the aviation industry came to a grinding halt.

Meggitt, which supplies aircraft parts such as braking systems, sensors and fuel systems, and provides follow-on services, said underlying operating profit fell to 102 million pounds ($134.19 million) in the six months to June, from 161 million pounds a year earlier.

$1 = 0.7601 pounds Reporting by Pushkala Aripaka in Bengaluru; Editing by Subhranshu Sahu

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