StockMarketWire.com - Defence, aerospace and energy market component supplier Meggitt upgraded its annual revenue guidance but said its operating margin was expected to be at the lower end of its previous guidance range.

Organic revenue for the year through December was now seen rising 6%-to-7%, up from previous guidance of 4%-to-6%.

Operating margin was seen towards the lower end of 17.7%-to-18.2%, having been constrained by the grounding of Boeing's 737 MAX aircraft and supply-chain issues driven by a rapid ramp up in new aircraft production.

Meggitt said organic revenue in the third quarter had grown by a stronger-than-expected 11%, driven by all of its end market segments, but particularly in the defense division, which saw growth of 20%.

'With exposure to some of the fastest growing platforms and hardest working fleets across both civil aerospace and defence, and continued progress on our strategic initiatives, the group remains well positioned for the future and we look forward to delivering another year of profitable growth,' Meggitt said.

Story provided by StockMarketWire.com