LONDON (dpa-AFX) - Melrose (MRO.L), on Wednesday, reported that it is currently trading at the top end of the Board's expectations for 2020.
The company's performance during the period reflects the faster than expected recovery in automotive markets, the continued strong performance in Nortek Air Management, and the more challenging, although currently stable, market conditions in Aerospace.
Nortek Air Management business generated a revenue growth of 13% compared to last year, while Automotive & Powder Metallurgy businesses reported a revenue decline of 3% and 7%, respectively. Aerospace sales also decreased by 37% for the period. Other Industrial business continued to trade in line with the Board's expectations.
Justin Dowley, Chairman of Melrose Industries PLC, said:
'Trading in the Period has been encouraging in a number of our end markets and we are seeing the benefits of actions taken by management in our businesses' performance. While short-term uncertainty remains, we are confident that our businesses can substantially improve their margins from today over the medium-term even without the need for full end market recovery.'
Copyright RTT News/dpa-AFX