Melrose Industries PLC Trading Statement (3588G)
November 15 2022 - 1:00AM
UK Regulatory
TIDMMRO
RNS Number : 3588G
Melrose Industries PLC
15 November 2022
15 November 2022
MELROSE INDUSTRIES PLC
Trading Update
Melrose Industries PLC ("Melrose" or the "Group") publishes the
following trading update for the period 1 July 2022 to 31 October
2022 (the "Period"). All numbers are calculated at constant
currency.
Trading update
Melrose is trading in line with expectations for the full year.
Group revenue in the Period is 14% up on the same period last year
and operating profit is substantially higher. As previously
communicated, inflation in the Melrose businesses is being
successfully recovered, using all necessary external and internal
measures.
Aerospace
Aerospace enjoyed improving momentum in the first half of the
year, with sales up 11%, and encouragingly trading has been
stronger again since, with the average revenue per month in the
Period being 6% higher than that seen in the first half. In
addition, operating margins are notably better than achieved in the
first half. Aerospace is positioned well to benefit from the strong
momentum being seen into next year.
Automotive and Powder Metallurgy (DemergerCo)
Revenue in these two businesses combined is up 19% in the Period
versus the same period last year, with margins significantly
stronger. In addition, and giving confidence for the longer term
future and the success of the electrification positioning, lifetime
business bookings year to date are trending approximately 30%
higher than revenue and just under 40% of these wins are for pure
electric vehicles (BEV).
Good progress is being made in preparation for the proposed
demerger of Automotive and Powder Metallurgy. The demerger
timetable remains on track to complete in the first half of
2023.
Cash generation
Cash generation is performing in line with expectations and is
on track, in the second half, to achieve materially higher
operating cash generation than in the first half.
Simon Peckham, Chief Executive of Melrose Industries PLC,
said:
"Trading is going to plan and the demerger timetable for
Automotive and Powder Metallurgy is on schedule. Our businesses are
performing well, achieving a materially stronger performance in the
second half of this year for profit and cash generation, and coping
well with the current inflationary environment."
-ends-
Enquiries:
Montfort Communications: +44 (0) 20 3514 0897
Nick Miles +44 (0) 7739 701634 / Charlotte McMullen +44 (0) 7921
881800
miles@montfort.london / mcmullen@montfort.london
Investor Relations: Chris Dyett +44 (0) 7974 974690
ir@melroseplc.net
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTQZLFFLFLEFBZ
(END) Dow Jones Newswires
November 15, 2022 02:00 ET (07:00 GMT)
Melrose Industries (LSE:MRO)
Historical Stock Chart
From Apr 2024 to May 2024
Melrose Industries (LSE:MRO)
Historical Stock Chart
From May 2023 to May 2024