Melrose Industries PLC (MRO) Q2 2026 Earnings Call

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Replay transcript excerpt

WEBVTT 00:00:00.031 -- 00:00:04.932 Hello everyone and welcome to Melrose half-year results for 2026. 00:00:05.053 -- 00:00:09.795 The last six months have been a busy and an important period for the group as we've continued 00:00:09.795 -- 00:00:15.038 to execute our growth strategy as a leading global aerospace technology business. 00:00:15.038 -- 00:00:19.580 We've maintained our positive momentum against the backdrop of strong civil and defence 00:00:19.580 -- 00:00:21.040 demand. 00:00:21.040 -- 00:00:25.622 Now before we get started I'd like to welcome Ross McCluskey to his first set of results 00:00:25.622 -- 00:00:30.662 as Melrose CFO. We're delighted to have Ross on board and leading strongly 00:00:30.662 -- 00:00:32.803 right from the start. 00:00:32.803 -- 00:00:38.647 We delivered a good first half performance with continued growth in revenue and profit. 00:00:38.647 -- 00:00:43.170 We also maintained our increasing cash trajectory with a strong year on year improvement 00:00:43.170 -- 00:00:45.472 in free cash flow. 00:00:45.472 -- 00:00:50.966 The markets we serve continue to evolve and the underlying demand story remains compelling. 00:00:50.966 -- 00:00:55.990 On the civil side, order backlogs are at record levels with production ramping up and 00:00:55.990 -- 00:00:59.413 the aftermarket continues to perform strongly. 00:00:59.413 -- 00:01:04.497 In defence, ongoing conflicts and geopolitical uncertainty is driving up spending 00:01:04.497 -- 00:01:09.860 commitments and stimulating the rapid development of emerging technologies. 00:01:09.862 -- 00:01:14.827 In May, we had an incident at our Garden Grove facility in California. 00:01:14.827 -- 00:01:19.290 This site is a global market leader in the production of aerospace acrylic products and 00:01:...