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.
Meggitt Slips To Loss In FY20, Orders Down; Sees Broadly Flat FY21 Revenues
Loss per share was 40.4 pence, compared to profit of 28.8 pence a year ago.
Underlying profit before tax was 159.5 million pounds, compared to 370.3 million pounds last year. Underlying earnings per share were 16.5 pence, compared to 37.3 pence a year ago.
Underlying operating profit was 53% lower at 191 million pounds.
Group revenue of 1.68 billion pounds declined 26 percent from 2.28 billion pounds. Revenues fell 22% on an organic basis, with a robust performance in defence, where organic revenue grew 4%.
Orders fell 37 percent on a reported basis and 38 percent organically to 1.55 billion pounds.
In light of ongoing challenging and uncertain market conditions, the Board has recommended not to pay a final dividend for 2020.
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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M3 Communication s production line (Photo: nhandan.com.vn)
Hanoi (VNA) -
Ltd, a member of the military-run telecom giant Viettel, has officially become the first Vietnamese
enterprise joining the global aerospace supply chain, according to UK-based
Meggitt PLC.
Accordingly,
M3 Communication will supply materials, components and equipment for Meggitt
PLC which specialises in researching, designing, developing, manufacturing and
integrating products in the fields of aerospace, defence and energy.
In order to be approved by Meggit as a
supplier, M3 has developed a technological
process and measurements to evaluate the quality of product samples (known as
the First Article Inspection Process). All products must satisfy extremely
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