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.
Trading is in line with expectations for the year. Consistent with industry trends, the Aerospace division is experiencing continued growth 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.
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.”
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