Company
Melrose Industries PLC
LON:MRO
Melrose Industries PLC is an aerospace manufacturing business, centred around GKN Aerospace. Formerly, it was a holding company run with the mantra of 'buy, improve, sell' model, looking for good manufacturing businesses with strong fundamentals whose performance can be improved. But once it spun off GKN Automotive as Dowlais Group PLC in 2023, the remaining business gave up its former investment strategy to refocus on the aerospace sector.
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FTSE 100 Live: Stocks in late-day surge, HSBC to shed hundreds of roles
FTSE 100 up 38 points to 8,100
Melrose soars to post-pandemic high as guidance updated, buyback brought forward
Current chief operating officer Peter Dilnot is taking over as group chief executive and GKN Aerospace finance chief Matthew Gregory will be finance director
Melrose Industries set to unveil first results as a pure aerospace company
There are plenty of moving parts to look out for, said Barclays
Melrose raises forecasts and bigs up aerospace aftermarket potential
"Aerospace is now positioned to fulfil the potential it had at acquisition, with a highly enviable aftermarket presence and predictable strong cashflows"
Melrose Industries reports 'materially stronger' profit and cash generation in second half
The proposal to spin off the Automotive business was announced in September, since when there has been strong demand for its automotive electrification services
Melrose Industries sinks further on GKN demerger plan
Melrose bought GKN in 2018 in a bitterly fought and controversial takeover
Melrose Industries confirms £500mln buyback after disposal
Chief executive Simon Peckham said a buyback had been chosen as "the quickest way" to distribute capital to shareholders
Melrose sheds last asset from Nortek acquisition
Ergotron is the last of the assets remaining from the industrial turnaround investor's US$1.4bn takeover of the North American heating and air conditioning business
Melrose Industries says trading in line; highlights supply and inflation challenges
Automotive and Powder Metallurgy divisions remain constrained by supply issues
Melrose warns chip shortages getting worse and have hit trading
Automotive order cancellations have increased to between 20-25% from 1% earlier in the year
Melrose Industries flying high as it pledges to return more cash to shareholders after plugging hole in GKN pension pot
During the first half of 2021, Melrose completed the sales of the Nortek Air Management division and the Brush business and has recently agreed on the sale of Nortek Control for US$285 million.
Melrose to pay out 15p special dividend after Nortek sale
The engineer said it had taken a conservative approach with the payout
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FTSE 100 ends higher as US blue chips recover from opening falls
At the finish, the UK blue-chip index was 27.72 points, or 0.4% higher at 7,090.01, below the day’s peak of 7,098.67 but above the low of 7,061.13
Melrose Industries lifted by Auto and Powders but expects chip shortage impact
Sales over the four months to 30 April 2021 rose by 8%
Melrose Industries sells Nortek Air Management for £2.62bn
The engineering group bought Nortak in 2016 for £2.2bn ($2.8 billion).
Melrose posts loss and expects no aerospace recovery in 2021
Sales in the aerospace division fell by 27% in the year to end-December
Archive
Analysts left red-faced as most popular FTSE 100 stocks suffer steep losses in 2020
New data has shown that total returns for the top 10 highest rated blue-chip stocks fell below the performance for the entire FTSE 100 in 2020, while those least favoured by analysts outperformed
Melrose expects aerospace division to break even after job cuts
The manufacturer is currently trading at the top end of the board's expectations for 2020
Melrose shares jump as it reports large loss and major job cuts
The company sees “some early signs of recovery in certain geographies”, although the aerospace business still faces much market uncertainty
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FTSE 100 slides lower as tech stock sell-off in US spooks traders
Britain's blue-chip benchmark closed the day down around 90 points, or 1.52%, at 5,850
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Will Melrose interims hold any surprises for investors?
Turnaround specialist Melrose is among the notable names in Thursday's diary.
Melrose arranges tweaks to financial covenants out to December 2022
The engineering group said the changes gave it "the flexibility it needs to continue to focus on cash generation and adapting the group to current market conditions"
Melrose Industries shares tumble as interim dividend cancelled after sales dive
A focus on cash generation and working capital meant the engineer is likely to make a "small adjusted operating profit"
Melrose Industries gains altitude as it expects to make big cash savings this quarter
Sales in the first four months of 2020 were down roughly 20% year-on-year as the coronavirus pandemic hit its business.
Melrose Industries very upbeat about GKN's prospects, even taking into account the coronavirus outbreak
The results for 2019 were comfortably ahead of the board's expectations for both profit and cash generation
RBC downgrades Melrose Industries but still sees value
The FTSE 100-listed group lost its place in the broker's Olympus because there is less potential upside after recent share gains
Melrose in a good place as GKN profits improve
GKN Aerospace revenues rose 5% and automotive sales fall 5% but profits improved at both
Hardware & electrical equipment
Melrose Industries says co-founder to quit; trading in line with expectations
Vice-chairman David Roper was boss of the group from float in 2003 until 2012
Investments and investor services
FTSE 100 closes in positive territory, boosted by better-than-expected US March jobs figures as Brexit uncertainty continues
Mid-cap cousin FTSE 250 was also lower, shedding around 56 points at 19,507
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Lloyds and other ex-dividends to knock 11 points off FTSE 100 on quiet Thursday in the City
Away from the ex-divs, Saga, Electrocomponents and EntertainmentOne are all due to come to the market with trading updates or results
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US jobs to provide main focus, though UK PMIs still key as Brexit SNAFU continues
Aside from the UK and US data - and Brexit - corporate news in the week ahead will include updates from blue-chip budget airline easyjet and Ladbrokes Coral owner GVC Holdings
Melrose Industries posts hefty loss after big hit on GKN contracts
The acquisition specialist acquired UK engineering stalwart GKN after a bitterly contested takeover battle
FTSE 100 closes lower after European Central Bank strikes downbeat note
"Brutal cuts from the ECB as GDP growth for 2019 is cut from 1.7% to 1.1%. With this in mind, it seems like any possible interest rate raises are all but completely ruled out until likely 2021," declared Jordan Hiscott, the chief trader at
Archive
Insurers Aviva and Admiral in Thursday’s results spotlight
Results from Aviva, Admiral, Greggs and Premier Oil are all in the diary for Thursday.
Melrose Industries raises around £200mln from two disposals including a GKN powertrain business
The FTSE 100-listed firm said it has agreed to sell Walterscheid Powertrain Group - previously known as GKN Off Highway Powertrain - to One Equity Partners a US-based private equity firm
Investments and investor services
FTSE 100 joins the decline in global equities to close lower
There is not a lot of earnings news on either side of the Atlantic to drive markets higher
Lloyds added to JPMorgan Cazenove’s European Best Equity Ideas Overweight List
JPMorgan's European Best Equity Ideas list summarises the bank’s EMEA Equity research team’s views and top picks, covering both strategy and sector contributions
Melrose considers shelving sale of GKN division after receiving low-ball bids, says report
RB Capital said Melrose is strict on asset valuation and is unlikely to sell if uncertain market conditions have weighed on bids for GKN Powder Powder Metallurgy
RBC Capital ups Melrose to Top Pick in major review of UK engineering sector
In a note to clients, the Canadian bank’s analysts concluded: “We do not expect a major downturn, but even if there is one the recent sector sell-off has priced in a recession for many names in our coverage group”
Melrose lifted as it reports strong revenue growth in Aerospace and Powder Metallurgy
The turnaround specialist said that trading was in line with its expectations for 2018, with revenues in Aerospace up 6% on last year in the period while Powder Metallurgy was up 9%
Renewi CEO to depart next year for new role as COO of Melrose Industries
The waste recycling company said Otto de Bont, currently managing director of Renewi Netherlands’ NL Commercial Division, will succeed Dilnot as its CEO in April 2019
Investments and investor services
FTSE 100 closes positively as PM Theresa May says gov't is working towards a good Brexit deal
Britain's blue-chip benchmark finished up around 31 points at 7,029
Melrose appoints former Delphi Technologies boss Liam Butterworth to lead GKN units
Former Delphi Technologies boss Liam Butterworth will start his new role at Melrose in November.
Investments and investor services
FTSE 100 closes firmly in red as Italy causes jitters
In the currency markets, sterling is around flat against the Euro and down 0.43% against the US dollar.
Hardware & electrical equipment
Exane BNP Paribas analysts reckon Spectris could be the next GKN
Analysts at the French investment bank think Spectris would be an “attractive takeout candidate”, given their belief that a buyer could come in and turn it around reasonably quickly
FTSE 100 finishes lower as BoE keeps rates on hold; sterling gains
The UK benchmark index of leading shares finished down nearly 32 points at 7,281
Investments and investor services
Morrisons in the spotlight as discounters are seeing a slowdown
The supermarket is the likely standouts in Thursday's market diary.
Aquis Exchange unit inks three-year trading technology supply deal with crypto and security token exchange Archax
A look at some of the London market's biggest risers and fallers on Thursday
Melrose reports significant progress with GKN reorganisation
Melrose gave no details of plans to break up GKN following reports that it was looking to auction off the power metallurgy division
Investments and investor services
FTSE 100 closes lower again as traders flee from risk
The UK blue chip index was about 10 points lower at 7,373, above the session low of 7,357.09 but below the morning peak of 7,397.74
Investments and investor services
Bovis Homes and Dixons Carphone to take spotlight on busy Thursday
It promises to be a busy Thursday morning with several closely followed firms reporting, meanwhile, around 9 points will come off the index with blue-chip miners such as BHP Billiton, Antofagasta, and Glencore going ex-dividend.
Melrose reportedly already looking to break up GKN with £2bn sale of Powder Met division
The industrial turnaround is said to be preparing to sell off GKN’s Powder Met division, with an auction possibly taking place as early as the autumn
Mixed opinions on Inmarsat following rejection of EchoStar offer
Inmarsat confirmed it had been approached with a takeover offer by EchoStar last Friday, however it said the offer had “significantly undervalued” the company