Melrose Industries Plc (MRO.L), on Thursday, issued a trading update for the quarter from 1 January to 31 March 2024 and reported 8% revenue growth for the period.
Revenue was up 8% on the same period in 2023 with Engines showing strong progress, up 21%, and Structures flat, as expected. Ongoing restructuring projects and business improvement actions are progressing well.
Consequently, adjusted operating profit is up substantially on the prior year, in line with the company's expectations and recently upgraded guidance. Melrose noted that its end markets continue to be positive with strong demand and increasing backlogs in both civil and defence, and favourable Engines aftermarket dynamics.
The company's full-year outlook remains unchanged, with an expected 33% year-on-year increase in adjusted operating profit to £560 million at the midpoint -pre-PLC costs-, modestly second half weighted as previously indicated.
Peter Dilnot, Chief Executive Officer of Melrose said, "We have had a strong start to the year with a particularly good performance from our Engines division. We expect this momentum to continue throughout the year. Longer term, the Group is well positioned to deliver ongoing growth and margin expansion supported by positive end markets and excellent business improvement momentum. We are confident about unlocking significant further potential in the years ahead."
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