24th Apr 2008 07:01
Meggitt PLC24 April 2008 Immediate Release 24 April 2008 Meggitt PLC ("Meggitt" or "the Group") AGM and Interim Management Statement Meggitt PLC, a leading international company employing 8,200 people specialisingin aerospace equipment, sensing and defence systems, will hold its AGM today,where the following comments will be made, including current trading, financialperformance and outlook for the financial year. This statement includes theperiod from 1 January 2008 to the date of this announcement and constitutesMeggitt's first Interim Management Statement as required by the UK ListingAuthority's Disclosure and Transparency Rules. At the AGM, Sir Colin Terry, KBE, CB, Chairman of Meggitt PLC, will comment: "Meggitt has once again had another outstanding year in 2007. Including the 6month contribution from K&F, the Group's revenues in 2007 grew by 31% to £878mand by 11% excluding the impact of acquisitions and currency. This excellent performance was once again driven by the strong civil aerospacesector and healthy military demand. The Group remains well balanced, with civilmarkets accounting for 50% of Group proforma revenues in 2007 and militarymarkets accounting for a further 38%. The remaining revenues are derived from amixture of energy, automotive and medical related businesses. The 2007 totalaftermarket accounted for 44% of Group revenues, rising to nearly 50% if K&F isincluded for the full 12 months. K&F, the Group's $1.8bn acquisition completed on 22 June 2007 is performingwell, with planned synergies expected to exceed our initial guidance. Acquisition and disposal activity in the first quarter of 2008 involved the saleof the non-core S-TEC business for $38m on 3 January 2008 and the acquisition ofFerroperm, a world leader in piezo ceramic materials for £10m on 7 January 2008. Trading in the current year continues to be in line with our expectations,supported by a healthy order intake. The order book has increased by 7% sincethe beginning of 2008. The Board has demonstrated its confidence in the future by recommending an 11.4%increase in the full year dividend to 8.2p. The Board also reiterated theoutlook guidance for 2008, given in the Preliminary Results announcement on 4March 2008, that it is confident of making good progress during the current yearand beyond." Ends For further information, please contact: Meggitt PLCTerry Twigger, Chief Executive Tel: 01202 597597Stephen Young, Group Finance DirectorAndy Mann, Investor Relations Buchanan CommunicationsJeremy Garcia Tel: 020 7466 5000 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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