26th Apr 2007 07:30
Meggitt PLC26 April 2007 Immediate Release 26 April 2007 Meggitt PLC ("Meggitt" or "the Group") AGM statement Sir Colin Terry, KBE, CB, Chairman of Meggitt PLC, will comment at the AGMtoday: "2006 was another outstanding year for Meggitt. Revenues increased by 9%,underlying profit before taxation by 14% and profit for the year by 47% to£96.5m. This was driven by a strong civil aerospace sector and healthy militarydemand. The Group remains well-balanced with civil markets accounting for 44% ofGroup revenues in 2006 and military markets accounting for a further 39%. Theaftermarket in aggregate, civil and military, accounted for 38% of revenues. The proposed acquisition of K&F Industries Holdings, Inc (K&F) announced on 6March 2007, is progressing well. This is a significant step for the Group and weare all excited about the prospect of working with the K&F businesses goingforward. Meggitt shareholders approved the transaction on 27 March and theRights Issue has been completed successfully, raising approximately £436m, grossof expenses. Completion of the transaction remains conditional upon approval ofthe shareholders of K&F, who are due to meet on 3 May, and various regulatorybodies including the US competition authorities and the Committee on Foreign Investment in the United States. Trading in the current year for the existing Group has started well. Prospectsfor the civil aerospace sector remain excellent and we expect continuing demandfor our military products. The Group's orders in the first quarter of 2007 were12% higher than in the same period last year at constant exchange rates and theBoard is confident the Group will deliver continued growth in 2007." For further information please contact: MeggittTerry Twigger, Chief Executive 01202 597597Stephen Young, Group Finance Director Buchanan Communications 020 7466 5000Charles RylandJeremy Garcia www.meggitt.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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