Melrose Industries - Trading Statement
Melrose is trading in line with the Board's expectations for 2019.
The improvements in the businesses are being delivered at pace and the Melrose Board is confident this will unlock significant further shareholder value.
Aerospace has achieved sales growth of over 5% in the Period compared to the same period last year, once again outperforming the Board's expected longer term average growth rate. In addition, good margin improvement has been delivered compared to the same period last year.
Automotive delivered a higher profit and margin in the Period compared to the same period last year.
In the Period sales were down 5% year-on-year, which includes the temporary effect of the General Motors strike in the US. The business consequently showed, once more, its ability to perform impressively even with this market headwind.
Powder Metallurgy was impacted proportionately more than Automotive by the temporary effect of the General Motors strike, which led to a sales decline of 13% in the Period compared to the same period last year - without the strike revenue would have been in line with the Board's expectations.
In the Period, contracts were exchanged to acquire Forecast 3D, a leading player in 3D printing, which had 2018 sales of
Other Industrial is trading in line with the Board's expectations.
Group net debt was in line with the Board's expectations with significant investment and restructuring actions being funded to further improve performance and initial steps to reduce working capital in GKN being implemented as planned.
Melrose will be presenting its full year results on
"Melrose continues to do what it has always done well: improve businesses. Some macro conditions could be more helpful, but this has not stopped us continuing to transform the GKN businesses, delivering another trading period in line with expectations, and achieving better trends than seen in the first half of the year. We are excited about what is possible and confident in our ability to unlock significant further shareholder value."
Melrose Investor Relations:
+44 (0) 207 647 4500 / +44 (0) 7974 974690 / [email protected]
This information is provided by RNS, the news service of the
Quick facts: Melrose Industries PLC
Market Cap: £5.16 billion
NO INVESTMENT ADVICE
The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...FOR OUR FULL DISCLAIMER CLICK HERE