February 27, 2018 / 7:20 AM / 9 months ago

BRIEF-Meggit says underlying full-year pretax profit 357.9 mln stg

Feb 27 (Reuters) - Meggitt Plc:

* FY UNDERLYING PRETAX PROFIT 357.9 MILLION STG VERSUS 352.1 MILLION STG YEAR AGO

* SAYS REVENUE ‍2,027.3​ MILLION POUNDS

* ‍ORGANIC ORDER GROWTH OF 6% UNDERPINS EXPECTATIONS FOR REVENUE GROWTH IN 2018​

* ‍BOOK TO BILL OF 1.03X INCLUDING MILITARY OF 1.08X​

* ‍ORGANIC REVENUE GREW BY 2%, WITH 4% GROWTH IN CIVIL AEROSPACE AND 1% IN MILITARY PARTLY OFFSET BY CONTINUED WEAKNESS IN ENERGY​

* ‍UNDERLYING OPERATING MARGIN INCREASED BY 10 BASIS POINTS TO 19.2%​

* ‍FREE CASH FLOW INCREASED BY 42% TO £186M, CONTRIBUTING TO A FURTHER REDUCTION IN NET DEBT​

* ‍2017 TRADING WAS IN LINE WITH OUR EXPECTATIONS WITH STRONGER SECOND HALF CONTRIBUTING TO GOOD ORGANIC GROWTH ACROSS GROUP​

* ‍FOLLOWING ORGANIC ORDER GROWTH OF 6% IN 2017, WE EXPECT THESE TRENDS TO CONTINUE INTO 2018, WITH EXPECTED REVENUE GROWTH OF 2% TO 4%​

* ‍TOOK IMPORTANT STEPS TO STRENGTHEN ALIGNMENT OF OUR PORTFOLIO WITH SALE OF FOUR NON-CORE BUSINESSES COMPLETED BY FEBRUARY 2018 AND A FURTHER DIVESTMENT EXPECTED TO COMPLETE IN MARCH 2018​ Source text for Eikon: Further company coverage: (Reporting By Alistair Smout)

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