Meggitt, the engineering company focused on the aerospace, defence and energy markets, saw strong growth across all of its markets in 2011.
Revenue in 2011 rose by a quarter to £1,455.3m from £1,162.0m in 2010, and roughly in line with market expectations of £1,458.7m. The company said it continues to expect organic revenue growth of 6 to 7% on average over the next five years.
Adjusted profit before tax was comfortably ahead of expectations of £290.2m at £323.0m, up 26% on 2010's £256.1m.
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Earnings per share rose 15% to 31.9p from 27.8p the year before. Analysts following the company had expected earnings per share of 31.0p.
The full year dividend has been bumped up 14% to 10.5p (consensus: 9.98p) from 9.20p.
More to follow ...
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