Meggitt 1H EPS 0.2p

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By Ian Walker and Jaime Llinares Taboada

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Meggitt PLC on Thursday reported a pretax loss for the first half of the year, although its underlying performance improved, and said its 6.3 billion-pound ($7.65 billion) takeover by Parker Hannifin Corp. remains on track for completion in the third quarter.

The UK engineering company booked a pretax loss of GBP6.5 million compared with a GBP33.6 million pretax profit a year earlier.

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Underlying pretax profit–one of the company’s preferred metrics, which strips out exceptional and other one-off items–was GBP63.6 million compared with GBP48.4 million.

Revenue rose 21% to GBP821.0 million from GBP680.0 million.

Orders at June 30 stood at GBP996.9 million.

“We delivered a robust trading performance in the first half, with Group organic revenue up 11%, reflecting strong growth in our civil aftermarket and civil original equipment business, as well as a good performance in energy,” Chief Executive Tony Wood said.

Meggitt agreed to a takeover by Parker Hannifin last August and the deal is expected to complete in the third quarter of this year.

Write to Ian Walker at [email protected]

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Credit: www.marketwatch.com /

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