Meggitt PLC ("Meggitt" or "the Group"), a leading international engineering company specialising in high performance components and sub-systems for the aerospace, defence and energy markets, today announces unaudited interim results for the six months ended 30 June 2012.
Group Highlights
|
£m |
|
H1 2012 |
H1 2011 |
% change |
|
|
|
|
|
|
|
Revenue |
|
776.0 |
649.8 |
+19% |
|
|
|
|
|
|
|
Underlying: |
|
|
|
|
|
|
EBITDA |
221.3 |
196.7 |
+13% |
|
|
Operating profit |
185.4 |
164.0 |
+13% |
|
|
Profit before tax |
168.5 |
146.2 |
+15% |
|
|
Earnings per share |
16.4 |
14.4 |
+14% |
|
|
|
|
|
|
|
Statutory: |
|
|
|
|
|
|
Operating profit |
144.1 |
130.0 |
+11% |
|
|
Profit before tax |
127.2 |
112.2 |
+13% |
|
|
Earnings per share |
13.2 |
11.7 |
+13% |
|
|
|
|
|
|
|
Net debt |
|
792.9 |
847.8 |
-6% |
|
Dividend |
|
3.60p |
3.20p |
+12.5% |
The Group achieved good growth in the first six months of 2012:
- Revenues increased 19%, with all major end markets contributing to growth.
- Underlying profit before tax increased by 15% to £168.5m.
- Good momentum going into the second half of 2012, with closing order book up 8% compared to the first half of 2011.
- Increased levels of investment in capex and R&D to support recent contract wins.
- Net debt reduced to 1.6x EBITDA (2011: 1.9x).
- Interim dividend increased by 12.5%, reflecting ongoing confidence in the business model.
- PacSci has continued to trade in line with expectations. Incremental cost synergies of $4.6m were achieved in the first half, in line with the increased target run rate of $22.5m by the end of 2014.
- The Group continues to expect organic revenue growth of 6-7% over the medium term in line with our five-year guidance, with double-digit revenue growth in 2012 including the full-year impact of PacSci.
Terry Twigger, Chief Executive, commented:
"The business delivered good top line growth in the first half, with particularly strong performances in the military and energy end markets. The work undertaken to reshape the Group with the Transformation programme over the last three years, enhanced by our ongoing focus on achieving world-class operations and programme management, leave us in excellent shape to continue to deliver good organic growth.
As a sign of our continuing confidence in the prospects for the Group, the interim dividend has been increased by 12.5% to 3.6 pence."
