Meggitt : Upgrade to 2018 Revenue Guidance

Upgrade to 2018 Revenue Guidance

Released : 02 Jul 2018 07:00

RNS Number : 1606T

Meggitt PLC

02 July 2018

2 July 2018

Meggitt PLC

This announcement contains inside information. The person responsible for arranging the release of this announcement on behalf of Meggitt is Marina Thomas, Company Secretary.

Upgrade to 2018 Revenue Guidance

Meggitt PLC ("Meggitt" or "the Group"), a leading international company specialising in high performance components and sub-systems for the aerospace, defence and energy markets, today announces an upgrade to its revenue guidance for the year to 31 December 2018.

Trading in the second quarter has been stronger than previously anticipated, with good growth across the Group's Civil Aftermarket, Military and Energy market segments.

In Civil Aftermarket, strong performance in Customer Services & Support has been accelerated by a combination of strong growth in air traffic and low levels of aircraft retirements which have increased demand for our spare parts. The Group now anticipates full year organic revenue growth of 4 to 6% in Civil Aftermarket (up from previous guidance of 3 to 5%).

In Military, strong order book momentum has continued and been translated into revenue growth, with particular strength in demand for training equipment and retrofit fuel tanks for the F/A-18. The Group increases its guidance for full year organic revenue growth to 6 to 8% in Military (up from previous guidance of 3 to 5%).

In Energy, as a result of increased confidence in the recovery at Heatric, the Group now expects full year organic revenue growth to exceed 5% (up from previous guidance of 0 to 5%).

As a result of these improving end market conditions, the Group now expects total organic revenue growth in 2018 of 4 to 6% (up from 2 to 4%). A slower than anticipated recovery at Meggitt Polymers & Composites during the first half means the Group now expects operating margins to be towards the lower end of the guidance range of 17.7% to 18.0%.

Meggitt will announce its interim results for the six months ended 30 June 2018 on 7 August 2018.

A conference call for analysts and investors will be held at 09.00 hrs this morning. The dial-in details are as follows:

Dial-in number: 08003589473

Access code: 58534134#

URL for international dial-in numbers:http://events.arkadin.com/ev/docs/NE_W2_TF_Events_International_Access_List.pdf

Enquiries

Meggitt PLC

+44 (0)1202 597 597

Doug Webb, Chief Financial Officer

Adrian Bunn, Vice President Strategy and Investor Relations

FTI Consulting

+44 (0)20 3727 1000

Deborah Scott, Senior Managing Director Nick Hasell, Managing Director

Cautionary statement

This trading update, including information included or incorporated by reference in this trading update, may contain forward-looking statements concerning Meggitt PLC or its group. Generally, the words "will", "may", "should", "continue", "believes", "expects", "intends", "anticipates" or similar expressions identify forward-looking statements. Such forward-looking statements involve risks, uncertainties and other important factors which could cause the actual results, performance or achievements of the Meggitt group or the market and economies in which the Meggitt group operates to be materially different from those expressed or implied by such forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond the ability of Meggitt PLC or its directors to control or estimate precisely, such as future market conditions and the behaviours of other market participants, and therefore undue reliance should not be placed on such statements, which speak only as at the date of this trading update. Neither Meggitt PLC, nor any of its group undertakings, nor the directors of any of them, assumes any obligations to, and do not intend to, update these forward-looking statements, except as required pursuant to applicable law.

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