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Melrose Industries 4-month Group Sales Down About 20%

Melrose Industries Plc. (MRO.L), in a trading update for the four months from 1 January 2020 to 30 April 2020, said that group sales for the period were down about 20% compared to the same period last year, due to the effects from COVID-19.

The company said that Group traded in line with expectations from 1 January 2020 until mid-March 2020, at which point the worldwide impact from COVID-19 caused significant disruption, resulting in many factories being shut or remaining only partially open.

The company said that the Board has asked David Roper to delay his retirement as Executive Vice Chairman and he also has agreed to do so.

The company stated that factories in its Aerospace division have largely remained open. Defence related factories make up approximately 30% of last year's sales and are expected to be relatively unaffected by the COVID-19 virus.

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