Melrose Industries trading in line with aerospace sales up, automotive sales down

  • Tue 19 Nov 2019 07:30

    Engineering group Melrose Industries said it was trading in line with expectations for 2019, with sales rising in aerospace but falling in automotive and powder metallurgy.

    Sales at the aerospace business in the four months through October rose 5%, outperforming the board's expected longer-term average growth rate.

    'Good' margin improvement had also been delivered in that division.

    Sales in the automotive business had fallen 5%, including the temporary effect of a General Motors strike in the US.

    The division, however, still delivered a higher profit and margin in the period.

    'The business consequently showed, once more, its ability to perform impressively even with this market headwind,' Melrose said.

    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%.

    'Melrose continues to do what it has always done well: improve businesses,' chairman Justin Dowley said.

    '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.'

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