LONDON (dpa-AFX) - Engineering company Meggitt Plc (MGGT.L) on Tuesday reported that its fiscal 2018 profit before tax declined to 216.1 million pounds from a restated 228.3 million pounds last year. Earnings per share decreased to 23.2 pence from a restated 37.8 pence a year ago.
Statutory profit for the year includes a non-cash loss of 10.1 million pounds, compared to gain of 60.7 million pounds last year, from the marking to market of financial instruments, principally currency hedges, against future transaction exposures.
It also includes a 25.1 million pounds net gain, compared to gain of 25.3 million pounds last year, from disposals completed or agreed during the year.
However, underlying profit before tax was 334.8 million pounds, compared to 320.2 million pounds last year. Underlying basic earnings per share were 34.2 pence, compared to 32.0 pence a year ago.
Revenue for the year grew 8 percent to 2.08 billion pounds from 1.99 billion pounds last year. Organic revenue grew by 9 percent, reflecting strong performance in growing end-markets; with 7 percent growth in civil aerospace, 10 percent in defence and 19 percent in energy.
Orders rose 8 percent to 2.24 billion pounds. The company noted that organic order growth was 12 percent, underpinning expectations for long term revenue growth.
Further, the company recommended a final dividend of 11.35 pence, giving a full year dividend of 16.65 pence, an overall increase of 5 percent.
Looking ahead, the Group expects organic revenue growth of 3 percent to 5 percent and underlying operating margin growth of 0 to 50 basis points in 2019.
The Group also said its remains confident in delivering its 2021 margin target of at least 19.9 percent.
Copyright RTT News/dpa-AFX
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