Meggitt increases 2013 full year dividend by 8%

DividendMax Ltd.

Meggitt increases 2013 full year dividend by 8%

Group revenue increased by 2% in the year, with civil aerospace +3%, military -1% and energy +5%. Other markets increased by 9%.

Underlying earnings per share increased by 3% to 37.5p.

Net debt reduced by £78m.  The net debt/EBITDA ratio (as calculated on a covenant basis) is 1.2x (2012: 1.3x). 

Total R&D expenditure increased to £134.9m (2012: £122.0m) reflecting strong win rate on new programmes.

Meggitt Production System now launched at 16 sites, with excellent progress made on key quality and delivery metrics.

The Group continues to expect organic revenue growth of 6 to 7% on average over the medium term,
with mid-single digit organic revenue growth in 2014 consistent with the guidance in our November IMS.

Recommended final dividend increased by 7%, resulting in the full-year dividend up 8% to 12.75p.

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