Meggitt Q1 Trading Statement
AGM and Interim Management Statement
Meggitt PLC ("Meggitt" or "the Group"), a leading international company specialising in high performance components and sub-systems for the aerospace, defence and energy markets, today issues the following Interim Management Statement. This statement covers the period from 1 January 2012 to 25 April 2012 and constitutes Meggitt's first 2012 Interim Management Statement as required by the UK Listing Authority's Disclosure and Transparency Rules.
At the AGM, Sir Colin Terry, KBE, CB, Chairman of Meggitt PLC will comment:
"2011 saw a continued strong recovery in civil aerospace and energy, with reported revenue up 25% and order intake up 26%. Both revenues and orders were up 12% year on year on an organic (at constant currency and excluding the effect of acquisitions) basis. As a result, the Group achieved underlying profit before tax growth of 26%, and underlying EPS growth of 15%.
Last year also saw excellent progress in the integration of the Pacific Scientific Aerospace (PacSci) acquisition which completed in April, resulting in the synergy target being increased by 25% to a run-rate of $22.5m per annum by the end of 2014. The recent award by Airbus of the engine and auxiliary power unit fire protection system for the A320neo is a further endorsement of the strength of the combined business.
Growth rates in both order intake and revenue in the first quarter of 2012 were in line with our expectations, which give us confidence in delivering full year revenue growth in excess of 10% including the full year effect of PacSci. Within this, we continue to expect organic revenue growth of 6-7%, in line with our medium term guidance.
The financial position of the Group remains strong, and we expect further improvement driven by our ongoing focus on cash generation."