Business
Half-year Report
Half-year Report.
About this update from Melrose Industries Plc
[{"type":"text","content":"\n\n1 August 2024\n \nMELROSE INDUSTRIES PLC\n \n UNAUDITED RESULTS\nFOR THE SIX MONTHS ENDED 30 JUNE 2024\n \nContinued good progress, ahead of our expectations and positive full year outlook\n \nMelrose Industries PLC (\"Melrose\", the \"Company\" or the \"Group\"), the aerospace focused Group, today announces its interim results for the six months ended 30 June 2024 (the \"Period\").\nKey messages \n· Results ahead of our expectations with adjusted1 operating profit up 62%2 versus prior year\n· Adjusted1 operating margin at Aerospace level at 14.9%, up 420bps versus prior year with Engines outperformance at 29.4% and good Structures progress at 4.7%\n· On track for 2024 guidance and 2025 profit targets, despite ongoing industry-wide supply chain challenges\n· 2025 revenue guidance adjusted to £3.8 billion to reflect supply chain challenges and disposals; operating margin guidance increased to >18%\n· Clear long-term growth strategy driving double-digit EPS growth over the long term with improving cash flows post major restructuring\n· Further £250 million 18 month share buyback announced today, while investing more in organic growth and keeping leverage between 1.5-2x\n \n\n\n\n\n\n\n\nAdjusted1 results\n\n\nStatutory results\n\n\n\n\n\n\n\n2024\n\n\n2023\n\n\n2024\n\n\n2023\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\n1,742\n\n\n1,633\n\n\n1,742\n\n\n1,633\n\n\n\n\nAerospace operating profit/(loss)\n\n\n260\n\n\n175\n\n\n42\n\n\n(4)\n\n\n\n\nOperating profit/(loss) (post-PLC costs3)\n\n\n247\n\n\n159\n\n\n(62)\n\n\n(18)\n\n\n\n\nProfit/(loss) before tax\n\n\n204\n\n\n134\n\n\n(105)\n\n\n(62)\n\n\n\n\nDiluted earnings per share (p)\n\n\n11.9p\n\n\n7.5p\n\n\n(6.1)p\n\n\n(3.0)p\n\n\n\n\nDividend per share (p)\n\n\n2.0p\n\n\n1.5p\n\n\nN/A\n\...