Meggitt Plc (MGGT.L), a manufacturer of technology products and systems for the aerospace, defense and other specialist markets, reported Tuesday higher profit and revenues for its first half and lifted its interim dividend. In separate statements, the company also said it received two contracts.
For the first half, pre-tax profit grew 13 percent to 127.2 million pounds from 112.2 million pounds a year ago. Underlying pre-tax profit, which excluded certain items, increased 15 percent to 168.5 million pounds.
Earnings per share rose 13 percent to 13.2 pence and underlying earnings grew 14 percent to 16.4 pence.
In the six months, revenues climbed 19 percent to 776 million pounds from 649.8 million pounds a year ago with all major end markets contributing to growth.
Meggitt also lifted its interim dividend by 12.5 percent to 3.60 pence, reflecting ongoing confidence in the business model.
Looking ahead, the company noted good momentum going into the second half of 2012, with closing order book up 8 percent compared to the first half of 2011.
The company continues to expect organic revenue growth of 6-7 percent over the medium term in line with its five-year guidance, with double-digit revenue growth in 2012 including the full-year impact of PacSci.
Separately, Meggitt said it has been awarded a $100 million-plus heat exchanger contract from Petrobras Argentina SA (PZE: Quote). The contract is for over 200 innovative high-performance compact printed circuit heat exchangers, for gas processing applications on Petrobras' floating production, storage and offloading vessels in the Lula and Guará Pre-Salt fields in the Santos Basin, offshore Brazil.
Meggitt also received a five-year agreement from Sikorsky Aircraft Corp. for the manufacture of fuel tanks, ice protection equipment, composites and interiors. Covering all Sikorsky's production military rotorcraft, including the BLACK HAWK helicopter, the contract is valued at up to $129 million.
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by RTT Staff Writer
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