Corrections & Amplifications
This headline was corrected at 0837GMT to reflect Melrose Industries Revenue Growth of 18% in 4-Mos Period, not 3-Mos Period
Corrections & Amplifications
This headline was corrected at 0754 GMT to reflect Melrose Industries Sees FY24 Rev GBP3.5B-GBP3.7B. The original version incorrectly said Melrose Industries Raises FY24 View To Rev GBP3.3B-GBP3.4B.
Corrections & Amplifications
This headline was corrected at 0744 GMT to reflect Melrose Industries Sees FY23 Adj. Operating Profit GBP400M-GBP410M. The original said the company sees FY24 Adj. Operating Profit GBP400M.
This headline was corrected at 0752 GMT to reflect Melrose Industries Sees FY23 Aerospace Adj. Operating Profit GBP400M-GBP410M. The original correction omitted the word “Aerospace.
Corrections & Amplifications
This headline was corrected at 0850GMT to reflect Melrose Industries Sees FY23 Aerospace Adj Ebitda GBP545M-GBP555M. The original version incorrectly said Melrose Industries Sees FY24 Ebitda GBP545M-GBP555M.
Corrections & Amplifications
This correction was corrected at 0747 GMT to reflect Melrose Industries Sees FY23 Aerospace Adj. Operating Profit GBP400M-GBP410M. The original correction omitted the word “Aerospace.”
By Anthony O. Goriainoff
Melrose Industries said that it was performing ahead of expectations for the four months to Oct. 31, and raised its aerospace guidance for the year.
The London-listed turnaround specialist said Thursday that revenue grew 18% and that underlying demand was higher.
Revenue at its engines division continued to grow at 18% with adjusted operating margins in excess of 25%, it said. The company said this strong performance was driven partly by strong aftermarket trading, which rose 24%. It added that given the aftermarket’s higher profitability, the resulting business mix was generating stronger margins, and that this showed no signs of slowing down.
The company said engine original equipment volumes continued to increased but were constrained by the continuing industry original equipment manufacturer’s supply-chain issues.
For 2023, the company expects adjusted operating profit at the aerospace division to be in the 400 million pounds to 410 million pounds range ($496.7 million to $509.1 million), up from a previous guidance of GBP375 million to GBP385 million. Group revenue is seen at GBP3.3 billion-GBP3.4 billion.
Write to Anthony O. Goriainoff at [email protected]
