Meggitt PLC Covid-19 and dividend update (8400H)
27 Marzo 2020 - 08:00AM
UK Regulatory
TIDMMGGT
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
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.
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