Meggitt profits soar as airlines switch to 'greener' planes The company's military division faced challenges due to cutbacks to defence expenditure in the US, Meggitt's "single most important military market," it said. However, much of the "capability shortfall" as a result of lower expenditure on new equipment was "likely to be compensated for by using existing fleets for longer than was initially anticipated." This would benefit Meggitt's revenue streams from the aftermarket and retrofit and upgrade programmes, it said. Meggitt's chief executive, Terry Twigger, said the company was interested in making more acquisitions, after picking up Pacific Scientific Aerospace for $685m last year, which had added fire and smoke suppression capabilities to Meggitt's portfolio. Synergies from integrating the company were running "ahead of schedule," it said. Meggitt will pay a final dividend of 7.3p per share, on May 11, up from 6.35p in 2010. The shares fell 19.7 - 4.9pc - to 380½p.