Meggitt PLC (MGGT.L) said that it continues to expect mid-single-digit revenue growth for the year. Proforma revenues grew modestly in the first quarter of 2013.
In an Interim Management Statement for the period from 1 January 2013 to 30 April 2013, the company said its financial position remains very strong, and it expects further improvement driven by our ongoing focus on cash generation.
Revenues grew 10% in the year, with the civil aerospace and military businesses performing well, and the energy businesses growing by an impressive 45%. Proforma revenues, excluding the effect of M&A, grew by 6%. As a result, the Group reported underlying profit before tax growth of 12%, and underlying earnings per share growth of 13%.
The company stated that the integration of Pacific Scientific Aerospace is now largely complete, and the run-rate synergy target has been further increased to $25 million per annum by 2014.
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