Business
Final Results
Final Results.
About this update from Melrose Industries Plc
[{"type":"text","content":"\n\n\n\nMELROSE INDUSTRIES PLC\n\n \nAUDITED RESULTS\nFOR THE YEAR ENDED 31 DECEMBER 2023\n \nMelrose Industries PLC (\"Melrose\" or the \"Group\"), the aerospace focused Group, today announces its audited results for the year ended 31 December 2023.\nKey messages\n· 2023 adjusted1 operating profit more than doubles to £420 million (pre-PLC costs) and ahead of guidance\n· 2024 adjusted1 operating profit guidance upgraded by 6% (pre-PLC costs)\n· Engines margin to reach target 28% in 2024, one year early and on track for >30% post 2025\n· Positive earnings momentum across industry leading businesses, 2025 targets de-risked\n· Engines' future RRSP net cash inflow grows to c.£22 billion as a result of GE contract\n \n\n\n\n\n\n\n\nAdjusted1 results\n\n\nStatutory results\n\n\n\n\n\n\n\n2023\n\n\n20222\n\n\n2023\n\n\n20222\n\n\n\n\nContinuing operations\n\n\n£m\n\n\n£m\n\n\n£m\n\n\n£m\n\n\n\n\nRevenue\n\n\n3,350\n\n\n2,954\n\n\n3,350\n\n\n2,954\n\n\n\n\nAerospace operating profit/(loss)\n\n\n420\n\n\n186\n\n\n17\n\n\n(134)\n\n\n\n\nOperating profit/(loss) (post-PLC costs)\n\n\n390\n\n\n147\n\n\n57\n\n\n(270)\n\n\n\n\nProfit/(loss) before tax\n\n\n331\n\n\n62\n\n\n(8)\n\n\n(328)\n\n\n\n\nDiluted earnings per share (p)\n\n\n18.7\n\n\n4.1\n\n\n0.1\n\n\n(16.3)\n\n\n\n\nNet debt1\n\n\n572\n\n\nn/a\n\n\nn/a\n\n\nn/a\n\n\n\n\nLeverage1\n\n\n1.1x\n\n\nn/a\n\n\nn/a\n\n\nn/a\n\n\n\n\nn/a - comparative information for net debt and leverage has not been restated for discontinued operations and any comparison is less meaningful\nFinancial highlights3\n· Revenue of £3.35 billion, 17% growth over last year (13% including businesses being exited)\n· Adjusted1 operating profit (pre-PLC costs) of £420 million versus initial guidance of £350 million and most recent £405 million. Margins grew by more than 600bps to 12.5%\n· Adjusted1 operating profit of £390 million, up 164% on the prior year, a margin of 11.6%. Statutory operating profit of £57 million (2022: loss of £270 million)\n· Adjusted1 diluted EPS of 18.7p, compared to 4.1p in 2022, an increase of over 4 times. Statutory diluted EPS of 0.1p (2022: loss of 16.3p)\n...