LONDON (dpa-AFX) - Melrose Industries plc (MRO.L), on Tuesday, issued trading update for the period 1 July 2022 to 31 October 2022, and reported that it is trading in line with expectations for the full year.
Group revenue during the period was 14% up on the same period of last year and operating profit is substantially higher. As previously communicated, inflation in the Melrose businesses is being successfully recovered, using all necessary external and internal measures, the company said.
Aerospace sales were up 11%, and encouragingly trading has been stronger, with the average revenue per month in the Period being 6% higher than that seen in the first half.
Revenue in Automotive and Powder Metallurgy (DemergerCo) combined was up 19% in the Period versus the previous year, with margins significantly stronger.
Simon Peckham, Chief Executive of Melrose Industries PLC, said, 'Trading is going to plan and the demerger timetable for Automotive and Powder Metallurgy is on schedule. Our businesses are performing well, achieving a materially stronger performance in the second half of this year for profit and cash generation, and coping well with the current inflationary environment.'
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