AGM and Interim Management Statement

Immediate release  21 April 2010

Meggitt PLC ("Meggitt" or "the Group")

AGM and Interim Management Statement

Meggitt, a leading international company specialising in aerospace equipment, sensing and defence systems, will hold its AGM later today. At the AGM, an update will be given on current trading, market conditions, and the outlook for the financial year.

This statement covers the period from 1 January 2010 to 20 April 2010 and constitutes Meggitt's first 2010 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:

"2009 was a year of unprecedented economic conditions to which the Group responded comprehensively and successfully. The trading environment in some of our end markets was particularly challenging, but developed largely as we had expected, albeit with a greater level of destocking than originally foreseen. This was offset by significantly exceeding our cost reduction targets, enabling the Group to deliver profits close to the record levels of 2008. We also ensured that the business focused attention on cash generation with the record amount of £126m generated underlining the robustness of Meggitt's business.

When we published our Preliminary Results last month, we noted that the Group was well placed to take advantage of an upturn in the civil aerospace markets which we expected would start to benefit us in the second half of the year. This view remains unchanged. The main driver of our civil aftermarket, commercial aircraft utilisation (measured in available seat kilometres (ASKs)) is showing modest early signs of recovery, which is expected to flow through to increased orders in the next few months. The trend in business jet usage is more positive, with US year‑on‑year growth of around 12% in the last two months, and some recovery in demand has already been noted in this segment.

Our military markets got off to a slow start, predominantly linked to delays in releasing budget funding. We remain confident of making further progress in military revenues in 2010 and anticipate significant contract wins which will underpin this.

Meanwhile, our Energy business traded in line with expectations, and we were very pleased to be selected recently to design, manufacture and supply condition monitoring systems for one of the major turbine manufacturers which will contribute to further sales growth in the medium term.

The Group's transformation programme, aimed at reshaping our organisation and improving efficiencies will have reduced our cost base by at least our targeted run rate of £50m per annum by the end of 2010. As a result, we believe Meggitt is particularly well positioned to benefit from the recovery in civil markets.

Trading to date across the Group as a whole is in line with our expectations of a challenging first half followed by a return to growth in the second half of the year. Our guidance that ASKs, including US domestic travel, will rise by around 1% this year, in our view, remains realistic.

With our large installed fleet, spread across both military and civil platforms, the actions we have taken to reduce costs, our ongoing transformation programme and our sound financial position, the Group continues to respond effectively to the current challenges and is well positioned for the future."

For further information, please contact:

Meggitt PLC - 01202 597597

Terry Twigger, Chief Executive

Stephen Young, Group Finance Director

Charles Andrews, Group Head of Financial Planning & Analysis

Buchanan Communications - 020 7466 5000

Charles Ryland, Jeremy Garcia or Jennie Spivey