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FOR IMMEDIATE RELEASE 01 May 2013
AGM and Interim Management Statement
Meggitt PLC ("Meggitt" or "the Group"), a leading international company specialising in high performance components and sub-systems for the aerospace, defence and energy markets, today issues the following Interim Management Statement. This statement covers the period from 1 January 2013 to 30 April 2013 and constitutes Meggitt's first 2013 Interim Management Statement as required by the UK Listing Authority's Disclosure and Transparency Rules.
At the AGM, Sir Colin Terry, KBE, CB, Chairman of Meggitt PLC will comment:
"The Group delivered further good growth in 2012 despite a slowdown in our civil aftermarket and uncertainty around defence budgets worldwide. Revenues grew 10% in the year, with the civil aerospace and military businesses performing well, and the energy businesses growing by an impressive 45%. Proforma revenues (excluding the effect of M&A) grew by 6%. As a result, the Group achieved underlying profit before tax growth of 12%, and underlying EPS growth of 13%. The full year dividend was raised by 12%, demonstrating our continued confidence in the Group's prospects.
The Group saw excellent operational progress during 2012. The integration of Pacific Scientific Aerospace is now largely complete, and the run-rate synergy target has been further increased to $25m per annum by 2014. Management's continued focus on cash delivered an impressive free cash flow of £180.1m, and we launched our raising the bar initiative which should result in industry-leading levels of quality, delivery and operational efficiency, helping to drive a higher organic growth rate in the long term.
Proforma revenues grew modestly in the first quarter of 2013, and we continue to expect mid-single-digit revenue growth for the year, as advised at the time of the 2012 results in March. As guided, growth will accelerate in the second half reflecting the anticipated recovery in civil aftermarket.
The financial position of the Group remains very strong, and we expect further improvement driven by our ongoing focus on cash generation."
Meggitt PLC +44(0)1202 597597
Richard Cashin, Group Head of Investor Relations
Buchanan +44(0)20 7466 5000
Charles Ryland/ Jeremy Garcia/ Louise Hadcocks
This Interim Management Statement, including information included or incorporated by reference in this Interim Management Statement, may contain forward-looking statements concerning Meggitt PLC or its group. Generally, the words "will", "may", "should", "continue", "believes", "expects", "intends", "anticipates" or similar expressions identify forward-looking statements. Such forward-looking statements involve risks, uncertainties and other important factors which could cause the actual results, performance or achievements of the Meggitt group or the market and economies in which the Meggitt group operates to be materially different from those expressed or implied by such forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond the ability of Meggitt PLC or its directors to control or estimate precisely, such as future market conditions and the behaviours of other market participants, and therefore undue reliance should not be placed on such statements, which speak only as at the date of this Interim Management Statement. Neither Meggitt PLC, nor any of its group undertakings, nor the directors of any of them, assumes any obligations to, and do not intend to, update these forward-looking statements, except as required pursuant to applicable law.
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