Meggitt Plc. (MGGT.L) reported that its fiscal 2012 profit attributable to owners of the parent rose to 243.3 million pounds from 184.9 million pounds in the previous year. On a per share basis, earnings were 30.7 pence, up from 23.8 pence in the prior year.
On a statutory basis, profit before tax increased by 29% to 292.1 million pounds from last year's 226.0 million pounds.
Underlying profit for the year increased to 283.0 million pounds from 245.5 million pounds in the prior year. Underlying earnings per share for the year was 35.7 pence, compared to 31.6 pence last year.
Underlying profit before tax increased by 12% to 362.8 million pounds from 323.0 million pounds in the prior year.
Total revenues for the year grew 10% 1.61 billion pounds from 1.46 billion pounds last year.
The company said the Board is recommending a final dividend of 8.20 pence per share, compared to 7.30 pence last year. Taken with the interim dividend of 3.60 pence (2011: 3.20 pence) paid in the year, this gives a total dividend of 11.80 pence (2011: 10.50 pence ), an increase of 12%. Subject to approval at the Annual General Meeting to be held on 1 May 2013, the proposed dividend will be paid on 10 May 2013 to shareholders on the register at close of business on 15 March 2013.
The Group expects to make further good progress by delivering mid-single digit organic growth in 2013 and 6-7% average organic growth in the medium term.
In a separate press release, Meggitt said that it has been selected to provide a package of thermal management products for LEAP engine variants 1A, 1B and 1C. The Contract wins build on the excellent relationship established between Meggitt and Snecma (Safran) on the CFM56 engine, Meggitt said.
Worth over $175 million for the life of the programme (original equipment, spares and repairs), components include fuel oil heat exchangers which perform at extremely high temperatures, helping to optimise engine efficiency and lowering fuel consumption.
Developed by CFM International, a 50:50 joint venture company between GE of the United States and Snecma of France, the LEAP engine will power the Airbus A320neo, Boeing 737MAX and the COMAC C919 aircraft.
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