10th Dec 2018 08:09
LONDON (Alliance News) - Meggitt PLC on Monday said it signed a long-term agreement with aircraft maintenance services provider Turkish Technic.
The FTSE 250-listed aerospace equipment company said the value of the contract is USD15 million over the five years. It covers spares supply and maintenance activities across the whole range of Meggitt products and services.
"Meggitt is pleased to be providing a range of products and services to Turkish Technic, building on our existing service and support portfolio," said Dennis Hutton, Meggitt president of customer services & support.
"The finalization of this agreement strengthens the relationship between Turkish Technic and Meggitt and extends our partnership well into the future," added Oguz Hacisalihoglu, Turkish Technic vice president of purchasing & logistics.
Separately, Meggitt said it implemented a new accounting standard. As a result, revenue for 2017 has been restated down to GBP1.99 billion from GBP2.03 billion, while underlying operating profit was restated down to GBP354.0 million from GBP388.4 million.
Net debt, from what was reported at the end of December last year, increased by GBP94.4 million to GBP1.06 billion and free cash flow increased by GBP11.2 million to GBP197.2 million.
The restatements were provided for comparative purposes ahead of the company's 2018 results, expected to be published on February 26.
Meggitt shares were trading 1.6% lower on Monday at 473.20 pence each.
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