Melrose’s latest deal is missing its magic touch, says Unmack1:
Melrose Industries on March 7 reported adjusted revenue of 9.1 billion pounds for 2018 and an adjusted operating profit of 784 million pounds, which exclude one-off costs and the amortisation of loss-making contracts. Those figures were 1 percent and 5 percent, respectively, ahead of forecasts by JPMorgan Cazenove analysts.
On a statutory basis, Melrose reported revenue of 8.6 billion pounds and a net loss of 550 million pounds. The UK engineering group, which bought rival GKN in April last year, reported sales growth of 2 percent in the aerospace division and 3 percent in the automotive unit, the two largest businesses that it acquired with GKN.
These two divisions reported adjusted operating margins of 8.2 percent and 6.7 percent respectively. In 2017 their respective operating margins were 6.2 percent and 7.2 percent, according to Melrose’s figures.
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