Meggitt PLC Market Update (7175G)
19 Marzo 2020 - 08:00AM
UK Regulatory
TIDMMGGT
RNS Number : 7175G
Meggitt PLC
19 March 2020
19 March 2020
Meggitt PLC - Market 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 an update on trading and its financing and liquidity
position.
Background
In light of the outbreak of the Covid-19 pandemic and its impact
on the global economy and the wider aerospace sector, our focus in
recent weeks has been on ensuring the safety of our employees and
the continuity of our operating businesses worldwide.
Meggitt employs over 12,000 people globally across 42 sites and
10 countries. In providing guidance and advice to our employees, we
continue to follow World Health Organisation guidelines
supplemented by input from the local authorities in the regions in
which we operate. We continue to review and update our advice on a
daily basis as the situation develops.
Year-to-date trading
Despite a rapidly changing external environment, trading in
January and February was in line with our expectations. Details of
our trading performance in the first quarter of 2020 will be
contained within our Q1 trading statement scheduled for 23 April
2020.
Whilst the near term demand outlook for our products and
services continues to evolve and remains uncertain, we have put in
place a broad range of measures to significantly reduce cost and
manage our liquidity over the coming months.
Financing and liquidity
As reported at our full year results on 25 February 2020, as at
31 December 2019, our borrowing and financing position were as
follows:
Net Debt and covenants
At 31 December 2019, our net debt including leases was GBP911m,
of which GBP758m was bank and other borrowings net of cash and
GBP153m related to leases. Our net debt to EBITDA ratio was 1.8x on
a reported basis (2018: 2.3x) and 1.5x on a covenant basis (2018:
1.8x) compared with our covenant limit of 3.5x. Our interest cover
was 16.3x (2018: 14.7x) compared with our covenant of interest
cover being greater than or equal to 3.0x.
Facilities and financing
At 31 December 2019, we had GBP1,564m of committed facilities in
place providing headroom of GBP806m above our net borrowings of
GBP758m. In 2020, we have USD$ 275m of debt maturing for which we
have fully committed facilities in place (entered into in December
2019). These facilities consist of three bilateral loans extending
to at least December 2022. Within our committed facilities of
GBP1,564m at 31 December 2019, we have a USD$ 750m Revolving Credit
Facility available that is due for renewal in September 2021.
Medical ventilators
In response to the UK Government's request for additional
medical ventilators, Meggitt is leading a consortium of UK
aerospace suppliers working to develop and produce, in large
volumes, a ventilator that meets their requirements for a rapidly
manufactured ventilator.
Outlook
At the current time, and in light of a highly fluid market and
global macro-economic situation, it is too early to provide
earnings guidance for the remainder of the current financial
year.
We have put in place a set of measures to tightly manage the
business and navigate our way through these challenging times. We
will continue to monitor external events and manage the situation
closely and will keep the market updated on developments as
appropriate.
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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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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