Meggitt PLC
2011 Full-year results
A year of outstanding growth
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 full-year audited results for the year ended 31 December 2011.
Group Highlights
|
£m |
2011 |
2010 |
% change |
|
|
|
|
|
|
Revenue |
1,455.3 |
1,162.0 |
+25% |
|
Underlying (1): |
|
|
|
|
EBITDA |
428.5 |
364.4 |
+18% |
|
Operating profit |
359.5 |
303.7 |
+18% |
|
Profit before tax |
323.0 |
256.1 |
+26% |
|
Earnings per share |
31.9p |
27.8p |
+15% |
|
|
|
|
|
|
Statutory: |
|
|
|
|
Operating profit |
262.5 |
220.1 |
+19% |
|
Profit before tax |
226.0 |
172.5 |
+31% |
|
Earnings per share |
24.0p |
20.1p |
+19% |
|
|
|
|
|
|
Net debt |
788.4 |
721.4 |
+9% |
|
Dividend |
10.50p |
9.20p |
+14% |
· The Group achieved strong growth across all markets in 2011:
o Order intake increased by 26% (12% on an organic basis(2)). Particularly strong growth in energy (+56% on an organic basis).
o Revenues increased 25% (organic: 12%, of which civil was +16%, energy +28% and military +5%).
o Good momentum going into 2012, with closing order book up 8% on an organic basis.
· Underlying profit before tax increased by 26% to £323.0m (£293.2m on an organic basis, +14%).
· Net debt reduced to 1.7x EBITDA (2010: 1.9x) despite the cash outflow for the acquisition of Pacific Scientific Aerospace (PacSci).
· Recommended final dividend increased by 15%, resulting in the full-year dividend up 14% to 10.50p.
· The transformationinitiative has significantly enhanced customer focus and operational excellence.
· PacSci has continued to trade in line with expectations. Synergies of $6.5m have been realised to date, ahead of expectations. The synergy target by the end of 2014 has been increased by 25% giving a run-rate of $22.5m.
· The Group continues to expect organic revenue growth of 6 to 7% on average over the next five years.
1. Underlying profit and EPS are used by the Board to measure the trading performance of the Group and exclude the amortisation of acquired intangibles, disposal of inventory revalued to fair value on acquisitions, operating exceptional items and the marking to market of financial instruments, as set out in notes 3 and 9.
2. Organic growth numbers exclude foreign exchange movements and M&A.
Terry Twigger, Chief Executive, commented:
"Our business grew strongly in 2011 across all market segments, with revenues up 25% and underlying profit before tax up 26%. Good organic growth was augmented by the acquisition of Pacific Scientific Aerospace, which is very complementary to our existing business and trading in line with expectations. We look forward to further good growth in 2012 and beyond.
As a sign of our continuing confidence in the prospects for the Group, we are recommending an increase in the full-year dividend of 14%."
