Meggitt increases its 2018 interim dividend by 5%
Meggitt 2018 interim results
Organic revenue growth of 9% reflects strong trading performance in civil aftermarket, military and energy. Reported revenue declined by 1% due to currency and non-core divestments.
Full year organic revenue growth forecast raised (on 2 July) to 4 to 6% following better than anticipated trading in H1 and strong order intake with organic book to bill of 1.13x.
Underlying operating profit declined organically by 2% to £150.8m, within which underlying operating profit at Meggitt Polymers & Composites ('MPC') was £2.3m (June 2017 as restated: £21.9m). Excluding MPC, underlying operating profit was up 7% (170 basis point margin improvement).
Statutory operating profit declined by 37% as a result of lower gains from disposals and non-cash mark to market of our financial instruments, compared to the prior period.
Free cash flow increased by 19% to £27.1m (June 2017 as restated: £22.8m) resulting in net borrowings:EBITDA on a covenant basis of 1.9x (June 2017: 2.2x).
Strong progress on key strategic initiatives:
o Completed three further divestments to focus the portfolio, with 70% of revenue now in attractive markets where Meggitt has a strong competitive position;
o Continued investment in differentiated technologies;
o Factory consolidation and expansion activity ahead of plan; work at UK Super Site now underway;
o Moving to a customer-aligned divisional structure from January 2019 in order to accelerate organic growth and realise the operational benefits of our continued journey to becoming an integrated Group.
Interim dividend up 5% to 5.3p reflecting our continued confidence in the prospects for the Group.
There has been one cancelled and one reduced dividend today, these are:Read more
There has been one cancelled and one deferred dividend today, these are:Read more
There has been 2 cancelled dividends today, these include:Read more
There has been a number of cancelled and suspended dividends today, these include:Read more
The Directors of M Winkworth Plc ("Winkworth" or the "Company") have announced that the Company will pay a dividend of 1.68p per ordinary share for the first quarter of 2020 to shareholders.Read more
During 2019 Chesnara continued to deliver strong cash generation, funding the dividend strategy as well as maintaining a robust group solvency ratio. Economic Value increased significantly as a result of favourable economic conditions, despite the impact of a substantive foreign exchange loss due to currency fluctuations. Prudent financial and operational management has resulted in Chesnara's operations, solvency and dividends all being resilient to the impacts of Covid-19, however the Economic Value will have fallen subsequent to the year end.Read more
888, a popular online gaming entertainment and solutions providers, announces that its board of directors has recommended the payment of a final dividend comprising 3.0 cents per share.Read more