"While it's too early to precisely predict the trajectory of the return to prior levels of activity in civil aerospace, we continue to focus on ensuring that the business is well positioned to benefit from the recovery," chief executive Officer Tony Wood said.
Meggitt, which supplies jet parts such as braking systems, sensors and fuel systems, and provides follow-on services, has been on a cost-cutting drive early this year.
It said in April it would axe about 1,800 jobs.
The company said the job cuts were "substantially" completed, adding that it still expected to deliver cash savings of £400 to £450 million pounds this year.
However, the Coventry-based company said it expects to be free cash flow neutral for the full year as some of its equipment would remain unsold into early 2021.
"We regard the inventory reduction slipping into full year 2021 largely as a matter of timing. A possible long-term negative is a potential increase in pension-deficit funding," Jefferies analysts said.
Meggitt's underlying operating profit fell to £102 million in the six months to June, while overall revenue dropped 14% to £917 million.
