Meggitt Slips To Loss In FY20, Orders Down; Sees Broadly Flat FY21 Revenues

Meggitt Plc (MGGT.L), an engineering company, reported Wednesday that its fiscal 2020 loss before tax was 334 million pounds, compared to last year's profit of 286.7 million pounds.

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.

Looking ahead for fiscal 2021, the company expects revenue to be broadly in line with 2020, and an increase in underlying operating profit versus last year.

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