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Defence company Meggitt warned on profit owing to supply chain disruptions and softer backdrop in the defence industry.
For the full year, underlying operating profit was expected to be in a range of £170 million to £190 million and revenue to be 4% lower than 2020 levels.
The effects of the supply chain disruption [...] combined with lower defence revenue, have constrained group profitability,' the company said.
The gloomy guidance arrived alongside a Q3 trading update showing revenue was up 5% year-on-year.
The company said its recommended offer by Parker-Hannifin was approved by shareholders on 21 September 2021.