Another profit warning from Meggitt has come somewhat out of the blue. The sharp fall in H2 expectations combined with a lack of clarity over the outlook in FY16 leaves the market in the most unwelcome position. While we suspect that little has changed structurally for the investment case, and many of these issues are likely to prove transient, until a firmer outlook is provided the share price is likely to remain subdued. Any year-end trading update thus takes on greater significance than usual.