Search
Regulatory Story
Company Meggitt PLC
TIDM MGGT
Headline Restatement for new IFRS standards
Released 07:00 10-Dec-2018
Number 8781J07

RNS Number : 8781J
Meggitt PLC
10 December 2018
 

10 December 2018

 

Meggitt PLC

 

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

 

Restatement for new IFRS standards

 

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 provides the impact of the restatement on its Full Year 2017 segmental results and its net debt following the implementation of IFRS 15 'Revenue from Contracts with Customers' and IFRS 16 'Leases'.

 

These restatements are provided for comparative purposes, in advance of the Full Year 2018 results which will be presented on 26 February 2019 and will adopt IFRS 15 and IFRS 16 for the first time.

 

 

2017 Restated Revenue:

 

£m


As reported


Impact of

IFRS 15


As restated


Meggitt Aircraft Braking Systems


386.7


(5.1)


381.6

 

Meggitt Control Systems


526.4


(5.1)


521.3

 

Meggitt Polymers & Composites


337.3


0.2


337.5

 

Meggitt Sensing Systems


514.8


(13.7)


501.1

 

Meggitt Equipment Group


262.1


(9.3)


252.8

 

Group


2,027.3


(33.0)


1,994.3

 

 

 

2017 Restated Underlying Operating Profit:

 

£m


As reported


Impact of

IFRS 15 & 16


As restated


Meggitt Aircraft Braking Systems


147.7


(14.8)


132.9

 

Meggitt Control Systems


123.7


(5.9)


117.8

 

Meggitt Polymers & Composites


24.0


(0.3)


23.7

 

Meggitt Sensing Systems


71.4


(6.8)


64.6

 

Meggitt Equipment Group


21.6


(6.6)


15.0

 

Group


388.4


(34.4)


354.0

 

 

 

Net debt as reported at 31 December 2017 increases by £94.4m to £1,059.2m and free cash flow increases by £11.2m to £197.2m. Under the Group's committed credit facilities, net debt and the gearing covenant are measured on a frozen GAAP basis and are not affected by the restatement.

 

 

 

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.

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
MSCQDLFBVLFXFBX
London Stock Exchange plc is not responsible for and does not check content on this Website. Website users are responsible for checking content. Any news item (including any prospectus) which is addressed solely to the persons and countries specified therein should not be relied upon other than by such persons and/or outside the specified countries. Terms and conditions, including restrictions on use and distribution apply.