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Meggitt revenue down 1%, outlook remains mixed

3-Mar-2010 1:01 PM

Meggitt revenue down 1% - financial highlights for the 12 months ended 31-Dec-2009:

  • Revenue: GBP1,151 million, -1% year-on-year;
    • Aerospace Equipment: GBP745.3 million, -2%;
    • Sensing Systems: GBP258.1 million, -4%;
  • Cost of sales: GBP656.3 million, +2.9%;
  • Underlying EBITDA: GBP343.4 million, stable;
  • Underlying operating profit*: GBP286.2 million, -3%;
    • Aerospace Equipment: GBP220.8 million, -4%;
    • Sensing Systems: GBP45.0 million, -4%;
  • Underlying profit before tax*: GBP234.2 million, -4%;
  • Net profit: GBP138.8 million, +40.1%. [more]

*Excludes certain items principally amortisation of acquired intangibles, revaluation of inventory to selling price on acquisition, operating exceptional items and the marking to market of financial instruments

Meggitt: "The outlook for our civil markets remains mixed. Civil OE production is expected to decline, modestly for large jets and by larger amounts for regional and business jets. Air traffic growth is expected to turn positive in 2010 and the utilisation of business jets to increase.  If this happens, our civil aftermarket will return to growth in 2010 although, due to continuing destocking, any pick up will be weighted towards the second half,” Company statement. Source: Meggitt, 02-Mar-2010.