4 March 2021 | 09:07am
StockMarketWire.com - International engineering company, Meggitt, has seen its 2020 group revenue plunge 22% to £1,684 million - a direct result of the impact Covid-19 has had on the civil aerospace sector.
Underlying operating profit was 53% lower at £191 million when compared with the 2019 figure of £403m. In light of ongoing challenging and uncertain market conditions, the board has recommended not to pay a final dividend for 2020
It also reported a statutory operating loss of £297m (FY 2019: profit of £325m) as a result of the non-cash impairment of intangible assets and other asset write downs.
The company did, however, have a successful delivery of in-year cash savings of £450m and has a positive free cash flow of £32m. It also reduced its net debt by £138m to £773m.
2 March 2021 | 07:29am
StockMarketWire.com - Aerospace and defence contractor Meggitt said it had won a multimillion pound contract from Boeing for the supply of cockpit indicators on the 737 MAX.
This contract expanded Meggitt content on the 737 MAX programme, which already included the engine fire detection systems, electrical power conversion equipment and elastomeric seals.
Deliveries were scheduled to commence in the second quarter of 2022.
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