Meggitt Says Revenues Grew "Modestly"

Before you go, we thought you'd like these...
Before you go close icon

LONDON -- The shares of Meggitt  dropped 3 pence to 466 pence during early London trade this morning after the FTSE 100 member issued a brief first-quarter update.

Speaking at Meggitt's annual general meeting, Sir Colin Terry, the group's chairman, said this morning:

Proforma revenues grew modestly in the first quarter of 2013, and we continue to expect mid-single-digit revenue growth for the year, as advised at the time of the 2012 results in March. As guided, growth will accelerate in the second half reflecting the anticipated recovery in civil aftermarket.

The financial position of the Group remains very strong, and we expect further improvement driven by our ongoing focus on cash generation.

Sir Colin reminded Meggitt's shareholders today that the aerospace engineer had reported underlying sales and profits up 6% and 13% respectively during 2012. He also said last year's dividend was lifted 12%.


Based on that 2012 performance, Meggitt's shares are currently valued at 13 times earnings and offer a 2.5% income.

Of course, whether that valuation and today's AGM comments combine to make the shares a buy, however, is something only you can decide.

But if you already own Meggitt shares and are looking for other opportunities, this exclusive wealth report reviews five particularly attractive possibilities.

Just click here for the report -- it's free.

link

The article Meggitt Says Revenues Grew "Modestly" originally appeared on Fool.com.

Maynard Paton has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Read Full Story

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners