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Meggitt PLC (MGGT)

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Friday 27 March, 2020

Meggitt PLC

Covid-19 and dividend update

RNS Number : 8400H
Meggitt PLC
27 March 2020
 

27 March 2020

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014.   The person responsible for arranging the release of this announcement on behalf of Meggitt is Marina Thomas, Company Secretary.

 

Meggitt PLC - Covid-19 and dividend update

Meggitt PLC ("Meggitt" or "the Group"), a leading international engineering company specialising in high performance components and sub-systems for the aerospace, defence and selected energy markets, provides a further update on the impact of Covid-19.

Since our market update on 19 March 2020, we have conducted further analysis of the adverse impact of Covid-19 on the civil aerospace sector and our business.  This analysis incorporates the latest industry projections on the reduction in air traffic in 2020, and the associated decrease in demand for both original equipment and aftermarket services.

As a result, and despite the strength of our financial position (as summarised on 19 March), the Board has decided that it is prudent to withdraw the recommendation to pay the final dividend of 11.95 pence per share.  Consequently, the dividend resolution referred to in the notice of Annual General Meeting will not now be put to that meeting. 

This action, together with a series of significant measures to reduce costs and tightly manage cash flow, will further strengthen our financial position and liquidity.

A further update on progress and our first quarter trading performance will be provided in our AGM statement on 23 April 2020.

 

Enquiries:

Tony Wood, Chief Executive

Louisa Burdett, Chief Financial Officer

Mathew Wootton, Vice President, Strategy & Investor Relations

Meggitt PLC

Tel: +44 1202 597597

 

Nick Hasell, Managing Director

Alex Le May, Managing Director

FTI Consulting

Tel: +44 203 727 1340

 


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