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Prices & Quotes - UK Markets - Melrose Industries (MRO)

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Share Price:
Up 159.30p
Change Today:
0.30p
Market Cap:
7,739m
Sector:
General Industrials

Aerospace division underpins profits at Melrose Industries

By Michele Maatouk

Date: Thursday 05 Sep 2019

LONDON (ShareCast) - (Sharecast News) - Turnaround specialist Melrose Industries posted a rise in interim pre-tax profit on Thursday thanks to a solid performance from its aerospace business, as it hiked its dividend and expressed confidence over its full-year trading.
In the six months to the end of June, adjusted pre-tax profit increased to 428m from 244m in the first half of last year, on revenue of 6bn, up from 3bn. On a statutory basis, pre-tax losses narrowed to 128m from 372m.

The company, which bought engineer GKN last year for 8.1bn, said trading was in line with its expectations for 2019, with the three main segments of GKN set to achieve their targets.

The group declared an interim dividend of 1.7p a share, up 10% on the year.

Melrose said the performance of its aerospace business was "significantly" better than the same period last year, with adjusted operating profit up 37%. The segment now makes up 34% of group adjusted profits, making it the largest division and profit driver for the company.

Meanwhile, the automotive and powder metallurgy divisions are "maintaining profit well" in an industry downturn thanks to cost reductions.

Chairman Justin Dowley said: "These results show the initial fruits of the 'improve' stage of Melrose's ownership of GKN and, with the overall GKN margin increasing positively, we are excited about what is possible.

"The performance is in line with expectations and leverage is better than expected. At the same time, this has been a year of record investment in aerospace technology and substantial eDrive development. The Melrose board is confident that our businesses will deliver significant upside for shareholders."

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MRO Market Data

Currency UK Pounds
Price 159.30p
Change Today 0.30p
52 Week High 248.50p
52 Week Low 74.36p
Volume 17,064,766
Shares Issued 4,858.25m
Market Cap 7,739m

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What The Brokers Say

Strong Buy 10
Buy 0
Neutral 3
Sell 0
Strong Sell 1
Total 14
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

MRO Dividends

  Latest Previous
  Interim Final
Ex-Div 12-Sep-19 04-Apr-19
Paid 11-Oct-19 20-May-19
Amount 1.70p 3.05p

Trades for 27-Nov-2020

Time Volume / Share Price
16:35 10,508,063 @ 159.30p
16:29 7 @ 160.20p
16:29 8 @ 160.20p
16:29 6 @ 160.20p
16:29 18 @ 160.20p

MRO Key Personnel

CEO Simon Antony Peckham