Last checked at 5 May 2022 07:00
5 May 2022
MELROSE INDUSTRIES PLC
AGM Trading Statement
Melrose Industries PLC ("Melrose" or the "Group") publishes the following trading update for the four months from 1 January to 30 April 2022 (the "Period") ahead of its Annual General Meeting taking place later today.
Group trading
Trading is in line with expectations for the year. Consistent with industry trends, the Aerospace division is experiencing continued growth with with like-for-like sales up 6% and the Automotive and Powder Metallurgy divisions remaining constrained by supply, with combined like-for-like sales down 4%, significantly below underlying consumer demand levels.
The Melrose Board is confident that the well advanced restructuring actions ensure all its businesses are positioned to deliver their full potential as supply constraints ease. In addition substantial progress has been made in recovering inflation. Due to the time lag effect the financial performance will be second half weighted, but Melrose is confident the impact of inflation can be offset by the measures taken.
Investor Day
Melrose will be holding an Investor Day on GKN Aerospace on 8 June, starting at 2.30pm, to explain in more detail the full potential for the business including growth and improvement opportunities, excellent long-term cash flow dynamics and new sustainable technology.
Simon Peckham, CEO of Melrose Industries PLC, said:
"Your Group continues to make good progress whilst dealing with the broader world challenges. We are increasingly seeing growth return to our Aerospace business, which is being rapidly well positioned for its future, and are confident of demonstrating the full quality of our largely restructured automotive businesses. We are well set to realise shareholder value as conditions improve."
-ends-
Enquiries:
Montfort Communications: Nick Miles
+44 (0) 20 3514 0897 / +44 (0) 7739 701 634
miles@montfort.london
Charlotte McMullen
+44 (0) 20 3514 0897 / +44 (0) 7921 881 800
mcmullen@montfort.london
Melrose Investor Relations: Chris Dyett
+44 (0) 7974 974690
ir@melroseplc.net
Melrose Industries PLC Stratton House 5 Stratton Street London W1J 8LA Tel: 020 7647 4500 Fax: 020 7647 4501
Registered in England & Wales Registered no: 09800044 Registered office: 11th floor The Colmore Building Colmore Circus Queensway Birmingham West Midlands B4 6AT