Chairman of engineering firm Meggitt PLC announces retirement

STEPPING DOWN: Sir Colin Terry, chairman of Meggitt PLC is set to retire

STEPPING DOWN: Sir Colin Terry, chairman of Meggitt PLC is set to retire

First published in News

THE chairman of the Dorset-based engineering giant Meggitt PLC has announced his retirement.

Sir Colin Terry revealed his intention to step down as the company revealed trading figures “broadly in line with expectations”.

Meggitt, based at Bournemouth Airport, specialises in components and sub-systems for the aerospace, defence and energy markets.

Its interim statement covers the first four months of 2014.

Sir Colin told the group’s AGM: “Trading during the first four months of 2014 has been broadly in line with expectations.

“There was further organic growth in civil OE (original equipment), a continuation of the improving civil aftermarket trend we saw during the second half of 2014 and, reflecting a strong prior-year comparator, flat energy revenues.

“These were offset by a decline in military resulting, in part, from the completion of two significant retrofit contracts during 2013.”

He said the group was still expecting “mid-single-digit” organic revenue growth for the year, weighted towards the second half.

Reported revenue would be affected by disposals made during 2013 and the strengthening of sterling against the group’s major transaction currencies of the US dollar, euro and Swiss franc.

“The financial position of the group remains very strong and we expect further improvement driven by our ongoing focus on cash generation,” he added.

Sir Colin added: “Having had the privilege of chairing the board of directors for nearly 10 years, I am announcing my intention to retire following the appointment of a suitable successor.

“It is intended that the appointment will be made with an appropriate transition period in time for me to retire at the end of the 2015 annual general meeting.”

Heatric wins major contract

MEGGITT’S Poole-based heat exchanger business Heatric has won a major contract.

The business, whose head office is at Holton Heath, landed the deal with JGC Corporation, a Japan-based global company designing and building large energy projects. Heatric will provide printed circuit heat exchangers (PCHEs) for the Petronas’ second floating liquefied natural gas facility, or PFLNG 2.

JGC leads a consortium for the development of the PFLNG 2, which will be based in gas fields off the Malaysian coast. It will have a production capacity of 1.5million tons per year of liquefied natural gas.

Meggitt chief executive Stephen Young, said: “Heatric is an established supplier to JGC, which has been responsible for constructing about 30 per cent of liquefied natural gas plants worldwide.

“We are delighted that Heatric continues as JGC’s heat exchanger partner as it moves offshore to meet the requirements of ground-breaking FLNG projects such as Malaysia’s Petronas’ PFLNG 1 project, the world’s first floating LNG plant located in gas fields more than 1,000 metres beneath the ocean’s surface.”

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