Meggitt PLC Preliminary US Tax Reform Assessment (8572C)
25 January 2018 - 6:00PM
UK Regulatory
TIDMMGGT
RNS Number : 8572C
Meggitt PLC
25 January 2018
25 January 2018
Meggitt PLC
Preliminary US Tax Reform Assessment
Meggitt PLC ("Meggitt" or "the Group") notes the enactment of
the Tax Cuts and Jobs Act in the United States on 22 December 2017.
We continue to work through the full impact of this legislation on
Meggitt and will give further guidance at our 2017 full year
results presentation on 27 February 2018.
At this stage we expect that the measures included in this
legislation will give rise to a significant non-cash exceptional
tax credit in our 2017 financial results due to the revaluation of
certain US deferred tax liabilities.
Our preliminary assessment is that the announced changes will
reduce the Group's headline underlying effective tax rate to
20-22%1, compared to the previously guided planning rate for 2017
of 24%.
Enquiries
Meggitt PLC +44 (0)1202 597 597
Doug Webb, Chief Financial Officer
Adrian Bunn, Vice President Strategy and
Investor Relations
FTI Consulting +44 (0)20 3727 1000
Deborah Scott, Senior Managing Director
Nick Hasell, Managing Director
Cautionary statement
This trading update, including information included or
incorporated by reference in this trading update, may contain
forward-looking statements concerning Meggitt PLC or its group.
Generally, the words "will", "may", "should", "continue",
"believes", "expects", "intends", "anticipates" or similar
expressions identify forward-looking statements. Such
forward-looking statements involve risks, uncertainties and other
important factors which could cause the actual results, performance
or achievements of the Meggitt group or the market and economies in
which the Meggitt group operates to be materially different from
those expressed or implied by such forward-looking statements. Many
of these risks and uncertainties relate to factors that are beyond
the ability of Meggitt PLC or its directors to control or estimate
precisely, such as future market conditions and the behaviours of
other market participants, and therefore undue reliance should not
be placed on such statements, which speak only as at the date of
this trading update. Neither Meggitt PLC, nor any of its group
undertakings, nor the directors of any of them, assumes any
obligations to, and do not intend to, update these forward-looking
statements, except as required pursuant to applicable law.
1 NOTE: Stated on 2017 GAAP basis, prior to the implementation
of IFRS15/16
This information is provided by RNS
The company news service from the London Stock Exchange
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